💥 Ripple Seeks to Shield Documents Amid SEC Battle
The legal fight in Ripple Labs is getting more intense. The U.S. Securities and Exchange Commission case is getting more intense, with Ripple choosing to shield some documents from public disclosure. Ripple has filed a motion to seal some documents related to the case, arguing that the company’s financial statement and details of business links need protection.
🔸 Ripple protecting confidentiality amid legal battle
James K. Filan, representing Ripple’s defense, says there is an ongoing fight to shield documents because of the obvious possibility that they could expose proprietary data that could not only destroy Ripple’s social relationships but also hurt its competitive edge.
💬 "𝙍𝙞𝙥𝙥𝙡𝙚 𝙝𝙖𝙨 𝙛𝙞𝙡𝙚𝙙 𝙖 𝙈𝙤𝙩𝙞𝙤𝙣 𝙩𝙤 𝙎𝙚𝙖𝙡 𝘾𝙚𝙧𝙩𝙖𝙞𝙣 𝘿𝙤𝙘𝙪𝙢𝙚𝙣𝙩𝙨 𝙛𝙞𝙡𝙚𝙙 𝙞𝙣 𝙘𝙤𝙣𝙣𝙚𝙘𝙩𝙞𝙤𝙣 𝙬𝙞𝙩𝙝 𝙩𝙝𝙚 @𝙎𝙀𝘾𝙂𝙤𝙫'𝙨 𝙈𝙤𝙩𝙞𝙤𝙣 𝙛𝙤𝙧 𝙅𝙪𝙙𝙜𝙢𝙚𝙣𝙩 𝙖𝙣𝙙 𝙍𝙚𝙢𝙚𝙙𝙞𝙚𝙨"
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 SEC’s appeal regarding the violation of securities laws since registration of the crypto wasn’t completed. In contrast to Ripple’s claim that XRP is a cryptocurrency, a different entity does not subject itself to the regulatory framework for securities.
🔸 Ripple’s 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.
