๐ฅ Ripple Seeks to Shield Documents Amid SEC Battle
The legal fight inย Rippleย Labs is getting more intense. The U.S. Securities and Exchange Commission case is getting more intense, with Ripple choosing toย shieldย some documents from public disclosure. Ripple has filed a motion to seal some documents related to the case, arguing that the companyโs financial statement and details of business links need protection.
๐ธ Ripple protecting confidentiality amid legal battle
James K. Filan, representing Rippleโs defense,ย saysย there is an ongoing fight to shield documents because of the obvious possibility that they could expose proprietary data that could not only destroy Rippleโs social relationships but also hurt its competitive edge.ย
๐ฌ "๐๐๐ฅ๐ฅ๐ก๐ ๐๐๐จ ๐๐๐ก๐๐ ๐ ๐๐ค๐ฉ๐๐ค๐ฃ ๐ฉ๐ค ๐๐๐๐ก ๐พ๐๐ง๐ฉ๐๐๐ฃ ๐ฟ๐ค๐๐ช๐ข๐๐ฃ๐ฉ๐จ ๐๐๐ก๐๐ ๐๐ฃ ๐๐ค๐ฃ๐ฃ๐๐๐ฉ๐๐ค๐ฃ ๐ฌ๐๐ฉ๐ ๐ฉ๐๐ @๐๐๐พ๐๐ค๐ซ'๐จ ๐๐ค๐ฉ๐๐ค๐ฃ ๐๐ค๐ง ๐ ๐ช๐๐๐ข๐๐ฃ๐ฉ ๐๐ฃ๐ ๐๐๐ข๐๐๐๐๐จ"
The SEC declined to block the sealing of such materials; it cited issues surrounding other materials that they deemed appropriate for the discussion, underlining that the legal proceedings were set to be turbulent.
Like the essence of the legal arguments between Ripple and the SEC, the focus is on the nature of XRP. The SEC claims that XRP is security, which is mentioned in the SECโs appeal regarding the violation of securities laws since registration of the crypto wasnโt completed. In contrast to Rippleโs claim that XRP is a cryptocurrency, a different entity does not subject itself to the regulatory framework for securities.
๐ธ Rippleโs future amid turbulence
The case outset carries big challenges for Ripple and the global cryptocurrency markets. An SEC win would probably mean huge fines for Ripple Labs LLC and adjustment to the securities regime. On the other hand, if a startup like Ripple can win a case, then not only will it be a victory for Ripple, but it will also set a precedent for other digital assets that would enjoy similar regulatory challenges.
