The blockchain company is still against the SEC’s request to seal its entire opposition letter and exhibits to keep the agency’s witness safe.
Popular blockchain company Ripple and its execs, Brad Garlinghouse and Chris Larsen, have filed their response regarding the SEC’s submission of proposed redactions to oppose amici’s participation in the upcoming expert testimony challenge.
Ripple noted that while it is true that it agreed to the SEC’s request to seal some information to protect its experts from harassment and attack, the blockchain company; however, objects to the sealing of other documents in their entirety.
#XRPCommunity #XRP #SECGov v. #Ripple #XRP The Ripple Defendants have filed their response to the SEC’s submission of proposed redactions to the SEC’s letter opposing Movants’ motion to file an amicus brief regarding one of the SEC’s experts. pic.twitter.com/6w8Cr5m0u9
— James K. Filan 🇺🇸🇮🇪103k+ (beware of imposters) (@FilanLaw) June 15, 2022
Reason for Ripple’s Objection
The blockchain company noted that it refused the SEC’s appeal to keep other documents in their motion sealed because the agency has not “satisfied the standard for sealing documents.”
Ripple added that the SEC’s proposed redaction request is rather too broad and contains portions of its legal arguments and documents that are already filed in different public domains.
“Some of these proposed redactions do not appear to pose any safety risks, but instead appear to be targeting information that would reflect weakness in the SEC’s case,” excerpt from Ripple’s motion read.
According to Ripple, it is improper for the SEC to request the sealing of most of the exhibits attached to its opposing motion to Movants’ request to file an amicus brief because of the magnitude of public interest in the lawsuit.
Meanwhile, the SEC’s recent submission of proposed redactions comes after the court denied the agency’s request to seal its opposition letter and exhibits in its entirety.
Crypto Community’s Interest in the Lawsuit
The Ripple v. SEC lawsuit is the biggest legal battle that has occurred in the cryptocurrency space since its inception. Aside from XRP holders, the lawsuit is largely observed by the entire cryptocurrency industry because it could eventually become a major determinant to what digital currency would fall under the SEC’s regulatory purview.
As widely reported, a win for the SEC would further wreak havoc on the blockchain company as XRP will plummet massively due to large investors’ capitulation.
However, if the lawsuit outcome goes in favor of the blockchain company, its price will soar tremendously, as many cryptocurrency-related businesses in the United States will be left with no choice but to re-list the asset class.
More so, institutional investors will also be comfortable adopting the asset class because its legal classification has been addressed.