SEC vs Ripple: SEC Pushes Against Concealing XRP Details: A Full Overview

The U.S. Securities and Exchange Commission (SEC) has taken a stance against Ripple’s attempt to keep certain evidence hidden from the public eye. The SEC asserts that disclosing details related to Ripple’s business is crucial for the decision-making process in the remedies phase.

Ripple’s Request and SEC’s Response

Ripple had initially sought to seal and redact evidence concerning financial reports and post-complaint XRP institutional sales, citing potential risks to Ripple Labs. However, the SEC has responded by opposing parts of Ripple’s motion. The SEC contends that concealing such information would be unlawful, as these details are integral to determining appropriate remedies.

Key Details at Stake

According to the SEC, the information Ripple wishes to redact is essential for the court’s understanding of various aspects, including penalty amounts, injunctive relief, penalties, disgorgement, and investor harm. These details encompass Ripple’s current assets, recent sales figures, revenues, expenses, and discounts offered to institutional investors.

Lack of Substantial Evidence

The regulator argues that Ripple has not provided sufficient evidence to justify withholding this information. It maintains that public access to such details would not cause significant harm to Ripple. Additionally, the SEC highlights that some of the information Ripple seeks to redact is already available to the public, and past court approvals for sealing similar information do not apply to the current situation.

XRP Price Movement

In unrelated news, the price of XRP has experienced a notable increase, rising by 5% over the past 24 hours. Currently trading at $0.535, XRP has seen heightened trading volume, suggesting increased interest from traders. The price range over the past day has been between $0.507 and $0.542.