According to U.Today, the US Securities and Exchange Commission (SEC) has partially opposed Ripple's attempt to seal and redact evidence in the ongoing dispute over remedies. The SEC maintains that Ripple has not overcome the strong presumption that such filings should be public. Despite Ripple's reference to the SEC's previous sealing and redaction positions, the SEC argues that these were in the context of specific filings.
The SEC has also highlighted that Ripple has been adjudicated to have unlawfully sold investment contracts to institutional buyers without the necessary disclosures. The SEC argues that Ripple's request to conceal financial and securities sales information should be denied as it is central to the arguments both parties have presented regarding the remedies.
While Ripple may be permitted to seal some of its financial statements, the SEC insists that it should be required to disclose specific financial figures or contract terms relevant to the remedies request. The SEC stated, 'If the public cannot see how the remedies requested and ordered compare to Ripple's actual financial information, general deterrence will be significantly undermined.'
The SEC has limited its objections to sealing and redaction to information that will be relevant to the court's decision. The agency wants Ripple to disclose the amount of its current assets, recent sales, revenues, and expenses, as well as the size of discounts. The SEC insists that it opposes the redaction of very little financial information. Ripple, on the other hand, has argued that the disclosure of the aforementioned documents could harm its business interests.
