Ripple Vs. SEC Update: Here's Why Today Is So Important For The Lawsuit

SEC Will File Opposition To Ripple Sealing Request

Court filings indicate that the Commission must file its brief opposing Ripple's motion to seal by May 20. Ripple had filed a motion on May 13 in line with the scheduling order, which set that date as the deadline for both parties to file a motion to seal any documents related to the recovery phase.

Ripple had revealed in their May 13 filing that they had consulted with the SEC before making the sealing request. The crypto firm further claimed that the Commission "indicated that it approves of certain Ripple requests, but intends to oppose others." Therefore, based on the revelation, the Commission will likely approve some of Ripple's searches.

One area that the Commission seems to agree with is the redaction of the names of some of the company's business partners, whose partnerships with Ripple have not been officially disclosed. However, Ripple is asking for more than that as the company seeks to seal the identities of third parties whose identities have nothing to do with the outcome of the case.

Crypto companies have also requested that the court seal or redact certain documents that reflect or show Ripple's audited financial statements or other financial documents. The company stated that the documents are not public and disclosing them "would cause significant harm to the company's business interests and competitive position."

Meanwhile, Ripple is also trying to seal or redact information about its secret business relationships. They argued that the redactions were “narrow” and only related to “specific financial terms and prices” that had been negotiated with its business partners. The crypto company noted that its request is similar to the proposed redactions the court granted during summary judgment.