Ripple, the San Francisco-based blockchain company, archived seal or strictly redact some of its documents in connection with the U.S. Securities and Exchange Commission’s motion for judgment and remedies.
Ripple, the San Francisco-based blockchain company, archived seal or strictly redact some of its documents in connection with the U.S. Securities and Exchange Commission’s motion for judgment and remedies.
Ripple claims that disclosure of these non-public documents would cause “significant harm” to its business interests.
The company wants to seal or redact highly confidential information about its profits, income, expenses, etc.
Furthermore, Ripple wants to keep its contractual agreements with thirty business partners secret. While Ripple admits that offering discounts to institutional buyers of XRP is relevant, it is unwilling to disclose the specific financial and pricing terms.
Ripple has stressed that the redactions are “strictly crafted” and “justified” due to their “sensitive” nature.
Additionally, Ripple also seeks to protect the identities of certain non-participating financial institutions, both customers and employees. Disclosure of these identities would be “harmful” to their “legitimate privacy interests,” according to the document. This could potentially damage Ripple’s partnerships.
As reported by U.Today, the SEC is seeking fines and penalties worth more than $2 billion from Ripple. However, the defendant insists that the civil penalty should not exceed $10 million.
Stuart Alderoty, Ripple’s lead lawyer, recently said that the lawsuit was “closer than ever” to its resolution.
