Ripple has submitted a motion in a New York court requesting the sealing of certain documents related to its legal battle with the SEC, citing the potential exposure of trade secrets to competitors as a reason. In a declaration filed by CFO Jonathan Bilich, he argued that making these documents public could lead to a loss of confidence in Ripple, significant financial losses, and operational disruptions.
The motion, filed by the California-based firm on Monday in the Southern District of New York, seeks to seal unnamed documents filed between March 22 and May 6 in the ongoing remedies legal fight. Along with sealing certain documents, Ripple also requested redactions in others.
The motion is expected to be granted, as the SEC has previously stated that it has no objections to such requests. Furthermore, Ripple’s legal team reportedly consulted with the agency prior to filing the motion and received consent for certain requests.
Ripple wants these documents sealed because they contain highly sensitive and confidential material, including audited financial statements and information about ongoing business relationships. The company argues that the disclosure of these documents, particularly copies of its audited financial statements, would harm its competitive position and financial interests.
Over the years, Ripple has formed partnerships with various third parties, ranging from exchanges to financial and payment firms. This has allowed the company to expand its presence in multiple verticals and sectors, including healthcare.
Ripple is also seeking redactions of documents that contain specific financial and pricing terms negotiated with its partners. Revealing these terms would be detrimental to the company’s business relationships and is irrelevant to the SEC’s arguments.
Additionally, Ripple wants the court to redact or seal the identities of its business partners, employees, and partners. The company argues that their privacy interests should be taken into consideration by the court.
Jonathan Bilich, Ripple’s CFO, has filed a supporting motion at the New York court. In his filing, Bilich stated that the sealed documents contain confidential financial and business information, including balance sheet figures, revenue and expense details, pricing information, and information about prior and existing business lines and investments.
Bilich argued that the SEC already has access to this information and has used it against Ripple. Therefore, redacting the information from the public would not impact the weight of the SEC’s argument.
Meanwhile, the price of XRP, Ripple’s native cryptocurrency, is currently trading at $0.5056. It has consolidated over the past day but has seen a 6% decline in the past week. While it has surpassed the $0.5 resistance level, it faces challenges in maintaining this level, with indicators like the Moving Average Convergence Divergence (MACD) signaling bearish market conditions.
In conclusion, Ripple has filed a motion to seal certain documents in its legal battle with the SEC, citing the potential harm to its trade secrets and business interests. The motion is expected to be approved, as the SEC has no objections, and Ripple’s legal team has consulted with the agency beforehand. The company also seeks redactions of specific financial and pricing terms and the identities of its business partners, employees, and partners.
