Ripple has filed a response letter strengthening its Motion to Seal Documents amid the ongoing legal clash with the US Securities and Exchange Commission (SEC). This action by Ripple is intended to maintain confidentiality around certain materials filed in connection with the SEC's Motion for Judgment and Appeals.
James K. Filan, a prominent figure in the XRP community, shared his thoughts on Ripple's recent legal maneuver on Thursday. In particular, the presentation of Ripple, addressed to the Hon. Analisa Torres of the United States District Court in New York argued that disclosing current financial statements, especially those for the years after the alleged misconduct, is irrelevant to the court's analysis.
In particular, the company argued against the SEC's claim that information about Ripple's financial situation is crucial to determining remedies for its historical conduct. Additionally, Ripple emphasized the need to maintain confidentiality around past contracts, highlighting the potential leverage that future counterparties could gain if such details were made public.
The response letter also refuted the SEC's claim that Ripple's 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 insight into the company's current business practices.
The letter comes even as Ripple CEO Brad Garlinghouse actively advocates for cryptocurrency-friendly regulations alongside those of other industry leaders. Recently, the businessman applauded the passage of the FIT21 bill, which is considered a legislative victory for the crypto community.
