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Ripple has submitted a response letter bolstering its Motion to Seal documents amid the ongoing legal clash with the U.S. Securities and Exchange Commission (SEC). This move by Ripple aims to maintain confidentiality around certain materials filed in connection with the SECâs Motion for Judgment and Remedies.
James K. Filan, a prominent figure in the XRP community, shared insights on Thursday regarding Rippleâs recent legal maneuver. Notably, Rippleâs submission, addressed to Hon. Analisa Torres of the United States District Court in New York, argued that disclosing current financial statements, especially those pertaining to years following the alleged misconduct, is irrelevant to the courtâs analysis.
Notably, the company argued against the SECâs claim that information about Rippleâs financial condition is crucial to determining remedies for its historical conduct. Furthermore, Ripple emphasized the need to maintain confidentiality around past contracts, highlighting potential leverage future counterparties could gain if such details were made public.
The reply letter also rebutted the SECâs assertion that Rippleâs historical contracts are no longer relevant due to changes in its XRP sales methods. Ripple clarified that while its sales approach may have evolved, the terms of past contracts remain commercially significant and could provide valuable insights into the companyâs current business practices.
The letter comes even as Rippleâs CEO, Brad Garlinghouse, actively advocates for favorable cryptocurrency regulations alongside those of other industry leaders. Recently, the businessman applauded the passage of the FIT21 bill, which is seen as a legislative victory for the crypto community, while expressing confidence in Rippleâs favorable outcome in the SEC lawsuit.
That said, amidst these legal developments, XRPâs price struggles to gain momentum, with months of consolidation resulting in a Doji Candle formation on the monthly timeframe, indicating indecision among buyers and sellers.
