The post Ripple vs. SEC: Ripple’s Confidential Data at Stake, What To Expect on May 20th Hearing appeared first on Coinpedia Fintech News
The ongoing legal battle between the SEC and Ripple is currently in its remedies phase, with both parties set to file their opposition to the omnibus sealing motions on the upcoming Monday.
Upcoming Court Filing: May 20
The Court’s scheduling order has appointed May 20th as the date for both parties in the SEC vs. Ripple suit and their respective third parties to submit their opposition briefs to the omnibus sealing motions.
Ripple’s Request to Seal Confidential Information
To protect its confidential business information and the interests of its partners and third parties, Ripple has requested the court to seal specific exhibits in its motion.
In addition to this, the company also made limited redactions in the remedies-related briefs, in particular, audited financial records and documents indicating the discounts offered on XRP sales to major buyers.
Ripple argues that these financial and pricing terms are irrelevant to the SEC’s case, stating, “Only the contract and discounts are relevant to the SEC’s brief.” However, the SEC disagrees, emphasizing the documents’ relevance to its arguments for remedies.
Potential SEC Opposition
SEC is most likely to file opposition to Ripple’s sealing requests, with a focus on the discounts given to institutional buyers of XRP being one of the reasons. The Commission is probably going to insist in these details to the public data. Moreover, the SEC could also refuse to give Ripple a green light to seal the part of their financial records.
In addition to primary parties, third parties may file a motion of opposition against the sealing of the omnibus. These parties’ participation will also add to the points of view and complications that may be associated with the case.
What to Expect Next?
The court’s omnibus motion on sealing will have a crucial bearing. A court decision that will protect Ripple’s proprietary information will likely positively impact XRP price and market sentiment, which may at least result in its uptrend.
In contrast, a more favorable outcome of SEC’s opposition, which leads to more information disclosure, could generate uncertainty that would significantly influence investors’ confidence.
After the May 20 hearings, the judge is expected to rule on the omnibus sealing motion that had been filed earlier, deciding which information and exhibits should be left sealed. The ruling requires the parties to file redactions of the documents in the next 14 days, which would then be made available to the public.
