The blockchain company has asked the court to deny the SEC’s request because it is not narrowly tailored.
Ripple and Individual Defendants Brad Garlinghouse and Chris Larsen have objected to the SEC’s request to seal identifying information of five of its experts in the upcoming Daubert challenge. The SEC’s request should be denied because it is the opposite of narrowly tailored, Ripple noted.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple Defendants object to the SEC’s request to impose an "unprecedented level of secrecy on these proceedings by sealing all identifying information in the Daubert Motions regarding its five proffered expert witnesses." pic.twitter.com/ck3yn6SMym
— James K. Filan 🇺🇸🇮🇪 106k (beware of imposters) (@FilanLaw) July 25, 2022
According to the blockchain company, the “identifying information” the agency plans to seal is imperative to the resolution of the Parties’ Daubert motions.
Recall that the SEC requested that in addition to sealing the names of all experts, the court should seal their identifying information, including educational background, employment history, publication, and professional affiliations.
The federal agency noted that it wants all identifying information sealed because the public can still use the information to carry out an online search that will display the experts’ names.
Ripple’s Objects SEC’s Request
Responding to this, Ripple noted that no court has ever approved such a request “to seal the qualifications and publication of witnesses in the context of deciding a Daubert motion.”
Additionally, the blockchain company asserted that the SEC’s latest request to seal the identities of all five experts in connection with the Daubert motion is quite different from other sealing rulings.
The SEC has not justified why its request should be granted but solely relies on the court’s previous rulings. In the ruling, certain information about the agency’s experts is sealed in connection to Amici’s motion to access the SEC’s expert report.
Aside from sealing sensitive information, Ripple requested that the court not allow any other redaction from the SEC.
“The parties will very shortly be briefing summary judgment and will surely discuss potential expert testimony, at which time the presumption of public access will be of the highest,” Ripple concluded.
SEC Objects to Ripple’s Request to Seal Financial Information
In the meantime, the Securities and Exchange Commission has also filed an objection to Ripple’s motion to seal certain information regarding the expert challenge.
— James K. Filan 🇺🇸🇮🇪 106k (beware of imposters) (@FilanLaw) July 26, 2022
It can be recalled that in Ripple’s requested to seal information of non-parties, certain personally identifying information, and financial information.
While the SEC noted that it does not object to the sealing of information that may result in the identification of non-parties and Ripple’s employees, it is strongly against the company’s request to seal certain financial statements.
“Defendants cannot overcome the substantial presumption of public access. The court should therefore deny Defendants’ request to file this information under seal,” the SEC said in a letter filed yesterday.