Compass Investments

Crypto vs. Dollar

📌 Ripple has filed a motion to seal documents to assist in its litigation with the SEC

Ripple Labs Inc has filed a motion to seal documents related to its stage of litigation with the U.S. Securities and Exchange Commission. Ripple

– Ripple Labs Inc has filed a motion to seal documents related to its stage of litigation with the U.S. Securities and Exchange Commission.

The motion, filed on May 13, 2024, seeks to protect Ripple’s proprietary information from public disclosure.

XRP claims that disclosure of these documents could harm its competitiveness and business operations.

Ripple Lab Inc has filed a motion to stay proceedings related to the remedial phase of its litigation with the U.S. Securities and Exchange Commission (SEC). The motion was filed on May 13, 2024, and asks the court to protect Ripple’s proprietary information. Ripple cites the potential harm to its business and competitiveness that disclosure of the information could cause to the company.

XRP’s attorneys are asking the court to seal documents regarding remedies and penalties that XRP developers could face if the company is found guilty in the SEC case. According to prominent lawyer James Phelan, this is being done to keep proprietary information and strategic details of the company secret. Ripple believes that disclosing such documents could give competitors an unfair advantage over the company and undermine its position in the market.

#XRPCommunity #SECGov v. #Ripple #XRP @Ripple has filed a motion to seal certain documents filed in connection with @SECGov’s motion for judgment and relief.

The company argues that preserving these documents is fundamental to protecting its business in the midst of litigation. If the motion is granted, these files will be sealed and made available for public inspection if the court or any party to the litigation becomes involved. The Company believes that such a move would be critical to Ripple’s business strategy and proprietary information.

Jonathan Bilich, XRP’s CFO, filed an affidavit expressing support for the motion to cease public disclosure. Mr. Bilich emphasized that XRP could face the collapse of its core business if it does not proceed with a settlement. He noted possible financial losses, disruption of operations, loss of market confidence, facing stringent regulations, etc. According to the panel, such a motion would preserve Ripple’s stability and market position for the duration of the litigation.

The sealing motion has caused mixed feelings among the financial and cryptocurrency community. While proponents of transparency want public disclosure to serve as a check and balance for fairness and accountability, supporters of XRP are convinced that the company may face aggressive competition and should therefore keep its data private. This dispute thus cuts to the heart of the broader debate about the conflict between transparency and privacy in high-stakes litigation.

In December 2020, the SEC sued Ripple Labs for illegally selling XRP through off-market, unregistered sales of securities; according to the SEC, XRP is a security under the federal securities laws, and Ripple disputes this assertion. Ripple successfully denied all of the SEC’s allegations, arguing that XRP is not a security.

The decision in this case deserves an in-depth look at cryptocurrency regulation in the US. It could be a milestone for the cryptocurrency sector by providing a scenario for the classification and regulation of digital currencies The XRP litigation with the SEC is being closely watched by players in the financial and cryptocurrency sectors as it could have a significant impact on the overall cryptocurrency regulatory landscape. .

Share this link.

Bitcoin

Bitcoin

$67,590.34

BTC -0.75%

Ethereum

Ethereum

$3,782.41

ETH -2.34%

Binance Coin

Binance Coin

$596.46

BNB -0.52%

XRP

XRP

$0.52

XRP -0.66%

Dogecoin

Dogecoin

$0.16

DOGE -0.37%

Cardano

Cardano

$0.46

ADA -0.43%

Solana

Solana

$168.25

SOL 0.40%