The Securities and Exchange Commission’s (SEC) action against Ripple (XRP) has received an update. The money remittance service filed a move to selectively seal papers related to the remedies phase.
In its May 13 motion, Ripple claims that the SEC previously signaled non-opposition to the firm’s request to seal some parts of documents during the remedies phase, which was intended to protect the interests of all parties.
Ripple’s submission, sent before the May 13 deadline for Omnibus letter filings, contains a request for carefully tailored redactions to the remedies motion papers and specified exhibits.
The firm claims that its sealing demands are fair and consistent with similar requests granted by the court at the summary judgment phase of the lawsuit. Before the motion was filed on Monday, Ripple’s legal counsel spoke with representatives of US financial regulatory organizations.
Ripple Requests Limited Redaction, SEC to Contests
The SEC has acknowledged the payment remittance service requests and indicated that it will accept some while likely contesting others.
According to the filed document, the payment remittance service requests the redaction of material that, if publicly published, could affect the service, innocent third parties, and non-party Ripple workers.
The firm also requests a limited redaction of papers comprising its audited financial statements and supporting records.
The payment remittance service claims that its audited financial records contain sensitive information about the company’s long-term objectives, income sources, and cost structures, which might give competitors and customers essential insights.
Furthermore, to safeguard its interests, the payment remittance service now seeks to conceal the identity of its investors, customers, workers, and business partners, urging the court to prioritize privacy concerns for these organizations.