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Another Win for Ripple as Judge Analisa Torres Denies SEC’s Request to Seal Its Objection to Amici Participation 

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Ripple recorded yet another win as Judge Torres denies the SEC’s request to seal its objection to the amici’s participation in the expert challenge. 


In less than 12 hours after Ripple objected to the SEC’s move to seal its objection to amici’s participation in the upcoming expert challenge, Judge Analisa Torres has denied the Securities and Exchange Commission’s request.

Judge Torres noted that she chose to deny the SEC’s request to seal because the issues raised by the agency in its motion only apply to certain information and not the entirety of the opposition.

“Because only some of the information in the brief relates to the concerns raised by the SEC, the court does not believe sealing of the brief in its entirety is warranted,” Judge Torres rules.

The development was shared on Twitter by attorney James K. Filan.

Ripple Kicks Against SEC’s Request to Seal

Recall that the SEC moved to seal its opposition to amici’s request to participate in the expert challenge of Mr. Patrick Doody due to safety concerns of the expert. The SEC fears that publicly filing its opposition to amici’s request to participate in the expert challenge may pose a threat to Mr. Doody’s life.

However, Ripple and Individual Defendants did not agree to the reasons cited in the SEC’s seal request. The blockchain company noted that four of the five reasons the SEC cited in the request letter do not reflect any threat to life.

Based on this, Ripple urged the court not to allow the Securities and Exchange Commission to seal its entire opposition, adding that the agency should publicly file those portions that do not contain confidential information that could put Mr. Doody’s safety in jeopardy.

“Defendants do not oppose narrowly tailored redactions to serve the safety interests the SEC has identified. But the proposal to redact the entirety of its filings is overboard. The court should deny the SEC’s motion and order the agency to propose appropriately tailored redactions,” Ripple added.

The blockchain company urged the SEC to narrow down its sealing request because the agency’s initial proposal seemed “manifestly overboard.”

Judge Torres Orders the SEC

Following Ripple’s request, the Securities and Exchange Commission has been ordered to file by June 14, 2022, a redacted version of all briefs and exhibits under seal, which redacts information to the extent “necessary to safeguard information sought to be filed under seal.”

On June 14, 2022, the SEC is also required to file a letter, which will explain its proposed redactions and specify the exhibits the agency intends to seal.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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