Ripple Vs SEC: No Documents To Be Sealed, Claims SEC In A Letter
The SEC vs. Ripple case is heating up after Hinman’s remarks. The judge gave a verdict that the SEC must furnish more papers to avail camera examination for supporting their argument.
Meanwhile, in the case, the agency appealed to conceal its answer to the amici petition concerning the Daubert challenge. The SEC maintains that the facts they wish to keep private have already been made public by counsel John Deaton.
The agency recently informed that it opposes Ripple’s move to withhold the document known as Exhibit O, challenging the request made by six XRP investors. The move, according to the letter received by James Filan, was made to file a statement representing the views of SEC experts.
According to the SEC, there is no legitimate reason for closing it. The agency further said that previously the court was in favor of the SEC Ripple document.
The Court Will Not Approve For Closure
The SEC highlighted the court’s stance on permitting SEC Ripple papers to be sealed. “The Court will not approve the closure of papers solely because the data held within them is entitled to be protected.” Since negotiated secrecy doesn’t eliminate the probability of judicial document accessibility.”
The SEC Ripple lawsuit gained attention in the cryptocurrency community. The SEC initiated a complaint about Ripple and its shareholders in 2020. The agency said that Ripple’s XRP currency is a security, not a token and that the company had exchanged XRP tokens worth more than $1.3 billion. Ripple denied the charges, claiming that the exchange was lawful because XRP is not classified as a security.