Ripple vs. SEC Heats Up: Private Records, ODL Sales in Spotlight

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SEC partially opposed Ripple’s motion to seal financial documents.
Ripple cited potential harm from public disclosure.
Lawyer Bill Morgan noted that the contracts weren’t ODL, expressing surprise.

In a court filing submitted on May 20, the SEC partially contested Ripple Labs Inc.’s motion to seal and redact certain documents related to the ongoing lawsuit. The SEC specifically opposed Ripple’s request to withhold certain financial information, arguing that these records should be made public.

While the SEC did not entirely challenge Ripple’s request to seal five exhibits, it took issue with the redaction of key financial details.

“The material at issue is fundamental to the rationale behind the SBC’s requested remedies.” the agency stated, adding that “It cannot simultaneously hide from them the evidence on which that position is based. Nor do Ripple’s conclusory statements of supposed tarm suffice to carry Ripple’s burden to show “exceptional circumstances” justifying sealing or redacting.”

Ripple, however, maintains that its decision to seal the information is based on its status as a private company. The company also argues that public dis…

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