452 Interactions, 6 today
Ripple has been facing a case brought by the Securities and Exchange Commission [SEC] in the United States for quite some time. The regulatory agency, on the other hand, had dug deep into the confidential records of its executives. On April 1, Ripple met with SEC attorneys to insist that their records be kept private.
Surprisingly, the most recent development indicates that Ripple has been given permission to partially redact records containing private commercial material. The SEC and Ripple have reached an understanding, and lawyer James K. Filan has given the required paperwork. Filan said,
— James K. Filan (@FilanLaw) April 3, 2021
The records presented by Filan revealed two documents previously sent by Ripple Labs to Magistrate Judge Sarah Netburn that had been redacted following the meeting with the SEC. The deal, though, was actually on two papers, which were allegedly linked to “discovery materials filed with the court in connection with the discovery-related disputes.”
The SEC also detailed its strategy for redacting material from records in order to preserve the integrity of data that Ripple did not want made public. However, Ripple has been recommending that the remaining records be fully sealed. Filan made the following observations:
“After a meet and confer on April 1, the parties reached agreement on two of the four documents at issue, but have not been able to reach agreement with respect to the remaining two documents.”
As Ripple battles the amount of knowledge open to the public, the price of XRP has skyrocketed in recent days. According to results, XRP has risen by 45 percent in the last 10 days, increasing from $0.4440 to $0.6464.