Ripple Seeks Court Approval to Seal Sensitive Financial Information

Ripple Labs has petitioned the United States District Court for the Southern District of New York to seal documents related to the SEC's Motion for Judgment and Remedies, citing sensitive financial data contained within.

Ripple's Legal Counsel Warns Against Public Disclosure Amid Competitive Concerns

Ripple's legal counsel, Andrew J. Ceresney, argues that public disclosure of these materials, including audited financial statements and revenue details, could harm the company's competitive position by revealing proprietary strategies and negotiated terms with business partners.

Three Key Justifications

1. Protection of Financial Information: Ripple emphasizes the confidential nature of its financial metrics, stressing that disclosure could harm its business interests and competitive standing.
2. Preservation of Negotiating Power: Sealing the documents safeguards Ripple's financial terms negotiated with third-party partners, preventing competitors from gaining unfair advantages and affecting future deals.
3. Privacy of Non-Parties: Ripple seeks to redact the identities of non-party entities involved in its business dealings, arguing that their privacy interests outweigh the need for public disclosure.

Ripple's Legal Maneuver: SEC's Sealing Requests and Pro-XRP Advocacy

Ripple's motion highlights the SEC's lack of opposition to several sealing requests, citing previous cases where similar requests were granted by the court.

Pro-XRP lawyer Bill Morgan supports Ripple's right to protect commercially sensitive information, criticizing the SEC's argument and emphasizing the importance of safeguarding sensitive data.

XRP is currently trading at $0.5002 at the time of reporting.

Ripple's efforts to seal sensitive financial information reflect its commitment to safeguarding proprietary data amid legal proceedings with the SEC.