Ripple has submitted a motion in New York, urging the court to keep certain documents related to its battle with the SEC sealed, arguing that their exposure could jeopardize its trade secrets and give an advantage to its competitors.
CFO Jonathan Bilich has filed a declaration stating that making some of these documents public could result in a loss of confidence in Ripple, significant financial losses, and disruptions to its operations.
In a recent motion filed by Ripple, it is argued that if certain documents from the legal fight for remedies between Ripple and the SEC were to become public, it could cause significant damage to the blockchain company.
Ripple, based in California, filed the motion on Monday in the Southern District of New York, requesting the court to seal unspecified documents filed between March 22 and May 6 in the ongoing legal battle. In addition to sealing certain documents, the company also requested redactions in others.
The motion is expected to be approved as the SEC has previously shown no objections to such requests. Ripple’s legal team reportedly consulted the agency before filing the motion and received consent for certain requests.
Ripple wants the documents sealed because they contain highly sensitive and confidential material, including Ripple’s audited financial statements and information about its ongoing business relationships. The company argues that disclosing such information would harm its competitive position and financial interests.
Over the years, Ripple has entered into various agreements with third parties, including exchanges, financial institutions, and payment firms. This has allowed Ripple to expand its presence in different sectors, including healthcare.
Ripple is requesting the court to redact documents that contain specific financial and pricing terms negotiated with its partners. The disclosure of such terms could damage the company’s business relationships and is not relevant to the SEC’s arguments.
Additionally, Ripple wants the court to redact or seal the identities of its business partners, employees, and partners. The company argues that their privacy interests should be considered in the court’s decision-making process.
Jonathan Bilich, CFO of Ripple, filed a supporting motion at the New York court. He stated that the documents Ripple wants sealed contain confidential financial and business information, including balance sheet figures, revenue and expense details, pricing, costs, profit information, investments in third-party entities, unrelated litigation expenses and settlements.
Bilich argues that the SEC already has access to this information and has used it against Ripple. Therefore, redacting this information from the public would not impact the weight of the SEC’s argument.
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