Ripple”s reflexive appeal to lock records violates public access principles: SEC argues

Spread the love

A important advancement has arisen in the continuing litigation between the United States Stock and Exchange Commission and San Francisco-based Ripple Laboratories. More specifically, the plaintiffs have now written to Ripple, requesting that all documents attached to the company’s communications with the court be sealed.

A major move has occurred in the pending litigation brought by the United States Securities and Exchange Commission against San Francisco-based Ripple Labs. More precisely, the plaintiffs have now written to Ripple, asking that any of the papers attached to the company’s correspondence to the court be kept sealed.

The blockchain company claimed at the time that the aforementioned records “contain Ripple’s classified, private sector knowledge, and the presumption of public access to documents filed exclusively in connection with discovery disputes is minimal.” In reality, Counsel Andrew Ceresney stated in a letter to Judge Netburn that the records in question are not judicial documents under statute, and even if viewed as such, “any weight given to the presumption of access must be minimal.”

However, the SEC feels otherwise, with the same sentiment highlighted by Jorge Tenreiro’s plea to the court. In a letter dated 30 March, Tenreiro claimed,

“The SEC opposes Ripple’s Motion only insofar as it seeks to redact the material cited in the pending discovery disputes between the parties, but does not oppose redacting the remaining portions of the materials at issue.”

According to the regulatory body, Ripple, not the SEC, demands unilateral authority over what the public does and should not be able to reach. Indeed, the SEC alleges that Ripple selectively revealed the contents or the whole of a legal memo on several occasions, “in the hopes of promoting its won commercial purposes.”

“Ripple cannot selectively disclose otherwise privileged materials to members of the public and then claim in Court that disclosure of these materials would harm Ripple’s interests.”

Tenreiro argued that such a “reflexive request” is “fundamentally at odds with public access standards and the required limited tailoring of sealing requests.”

RECOMMENDED READ:  These alts ETC, SOL, and THETA are making a comeback, see details

The SEC’s counsel concluded the above letter by implying that Ripple’s assertions of being a “transparent performer” are contradictory, with Tenreiro adding,

“Ripple wishes to continue obscuring critical facts relevant to this case from its investors remains troubling and highlights the need for the investor-protector disclosure requirements…”


 150 Interactions,  6 today

Decentralized Applications (dapps): What Are They?

Decentralized applications (dapps) are automated programmes that run on a distributed network of computer nodes rather than a single server. Read more

SEC’s appeal for financial reports from Ripple executives Garglinghouse and Larsen denied by a judge.

Ripple's motion to retain the records of the new and former CEOs confidential was approved by Magistrate Judge Sarah Netburn. Read more

Web 3.0: The Future’s Decentralized Internet

Few technologies have come close to matching the ease and importance that the internet provides to billions of people around Read more

Here was the moment Bitcoin surpassed $61k for the first time in history

The Bitcoin ($BTC) price burst through $61,000 for the first time in four weeks at 05:00 UTC on Saturday (April Read more

Cardano will launch smart contracts in August, with a focus on the DeFi Boom and corporate use cases.

The Cardano blockchain development team is revealing new information about the launching of its smart contracts. Following the announcement of Read more

Cardano could reach $8 by Halloween, cryptocurrency analyst Ben Armstrong claims.

Earlier this week, crypto expert and influencer Ben Armstrong discussed Cardano ($ADA) in a video posted to his very influential Read more

What exactly is Monero? , Monero (XMR) analysis, experience, benefits, and drawbacks

Monero is a cryptocurrency, a digital product that uses encryption to encrypt transactions. It is the thirteenth largest cryptocurrency by Read more

Is there a ‘revolution’ in Bitcoin mining in the United States?

Bitcoin, the world's first blockchain, was created to address the flaws of the centralised financial structure. PayPal co-founder Peter Thiel, Read more

Why Bitcoin may be the future’s “base money”

Bitcoin's recent success has piqued the attention of numerous parts of the media as well as major institutions. According to Read more

Why are these traders now such an important aspect of Bitcoin’s market action?

The majority of Bitcoin's market movement this week has been dominated by crowd opinion. HODLers, as well as whales, retail Read more

Leave a Reply

Contact Us