On Monday, May 13, blockchain startup Ripple made a fresh move by filing a motion to seal specific documents linked to the U.S. SEC’s motion for remedies and judgment. Within this action, Ripple’s has requested redactions to parts of the Remedies Motion briefing, along with seeking to seal certain highly sensitive and confidential exhibits.
Ripple emphasized that its modest sealing requests are fair and designed to safeguard sensitive business data and legitimate privacy concerns. In its submission, Ripple’s clarified that its Remedies Materials encompass confidential data like audited financial statements, documents, and other details pertaining to its current business partnerships.
Therefore, it emphasized that the redactions specifically relate to highly sensitive information, the disclosure of which could potentially harm Ripple. Additionally, it stated that the information Ripple’s intends to redact would have minimal impact on the Court’s decision regarding the motion for Judgment and Remedies.
Although the SEC has acquiesced to certain requests from Ripple, it has opposed others. Ripple stated in its court filing that the SEC hasn’t contested Ripple’s plea for sealing. The blockchain company asserts that the court should approve its sealing request for the same reasons it sought sealing and redactions in the Summary Judgment.
Ripple CFO Stresses Data Protection
Jonathan Bilich, the Chief Financial Officer of Ripple, highlighted in a recent statement the organization’s dedication to protecting its confidential and proprietary business data. Bilich emphasised that Ripple makes significant measures to protect the privacy of its data because it is a private company.
However, Bilich emphasized that the data Ripple wishes to withhold is of utmost sensitivity, containing confidential business details and proprietary information. Revealing it to the public could jeopardize Ripple’s relationships with clients and other partners, as well as undermine its position in the competitive market.
Over the past day, Ripple’s XRP, its native cryptocurrency, surged by 3%, reclaiming the $0.50 mark. However, the ongoing legal battle between the SEC and Ripple has curbed any substantial rally in XRP’s value. With the case approaching its resolution, analysts foresee XRP potentially rallying to $1 and even surpassing it.
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