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14.August 2022

Ripple Notches Another Win As Court Thumbs Down SEC Motion To Seal

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As the Ripple community braces for the major ruling on the key judgement on the Hinman 2018 documents, Ripple Labs has scored another victory as presiding judge Analisa Torres denied the SEC’s petition to seal its objection to Amici participation.

According to a tweet posted by defense lawyer James Filan, Torres has rejected the SEC’s request to seal the case as part of its objections to the filing of a brief by six Ripple investors regarding the determination of one of the commission’s experts, Patrick Doody.

“The Court refuses SEC’s Motion to Seal and Orders it to file by June 14 a redacted version of the brief and exhibits under seal, redacting information only to the extent necessary to protect information sought to be filed under seal,” tweeted Flan.

Ripple, a cross-border payments startup based in the United States, and the Individual Defendants did not agree with the SEC’s terms for sealing the documents.

SEC’s multiple and contradicting views on the speech were disclosed by Judge Netburn as the plaintiff now alleges that notes and emails are “safeguarded by attorney-client privilege, after being denied the deliberative process privilege.”

The price of XRP, Ripple’s native coin, increased somewhat following the announcement. As of late Friday, the price of XRP had increased by 1.5 percent, surpassing the $0.4 threshold. Even though it was not a big gain, observers say it could benefit the cause.

Based on the report, the court also demands the regulatory agency to submit a statement by June 14 justifying its proposed redactions and identifying which exhibits it wishes to seal.

Four of the five reasons cited by the SEC in its request letter “do not constitute a risk to human life,” according to Ripple.

When the SEC moved to seal its opposition to an amici request to participate in Patrick Doody’s expert challenge, it cited safety as a rationale. However, the blockchain company and its allies promptly rebutted the SEC’s arguments.

Ripple Labs and the SEC have been embroiled in a legal spat for quite a while,  with new filings occurring every day. It appears that even the judges are growing weary and are eager to conclude the case at this stage.

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