TL;DR Breakdown
- Ripple asks the magistrate judge to keep some of its documents sealed.
- The company claims it has produced 30,300 documents amid lawsuit.
As the legal battle between Ripple Labs and the SEC continues to heat up, the case becomes more interesting. During the last hearing, Judge Sarah Netburn made some comments which fans thought to lean in Ripple’s favour. However, Ripple has recently asked the Judge to seal some of its documents requested by the SEC.
Ripple seeks to make some documents sealed amid lawsuit
Before now, the SEC had issued subpoenas to six banks requesting the personal financial records of the former Ripple executives, Chris Larsen and Brad Garlinghouse. In Ripple’s counter motion, it argued that the SEC was overreaching. The SEC mentioned that the documents contain proof that could justify its action against the company.
The company fought back by demanding that the SEC produce Bitcoin and Ether documents since they are considered related to XRP. In return, the SEC argued that Ripple’s claims are irrelevant to the case. So, the case involving Ripple lawsuit has remained inconclusive.
In the recent virtual preliminary hearing, Judge Netburn asked Ripple lawyers to clarify the utility of XRP. The defense lawyers responded that XRP, apart from its currency value, has other utility just like Bitcoin and Ether. The hearing ended up on a positive note pushing XRP up by 1.5%.
Ripple lawsuit: lawyer says documents contain confidential information
According to a recent letter by Ripple, the company claimed it had produced about 30,300 pages of documents amid the SEC lawsuit. The company said it is currently reviewing 75,000 documents based on the SEC’s requests. Ripple’s attorney, Andrew Ceresney, wrote in a letter that some of the documents requested by the SEC contain sensitive information – the company’s proprietary – the Ripple lawyer says.
Therefore, Ripple is asking that Judge Sarah Netburn keeps some of the documents under seal. Andrew Ceresney, Ripple’s lawyer, wrote that the documents reveal how XRP is created and distributed, internal emails and other confidential knowledge. Also, the company is moving to censor them in case the court rules that they are made public. The last is yet to be heard about this Ripple lawsuit.
