The United States Securities and Exchange Commission [SEC] has filed an objection to Ripple’s Motion to seal documents related to various Ripple meetings. However, said motion, in fact, had already been granted by the court on a “provisional” basis.
The objection archived by the SEC also included its opposition to sealing, in part, redacted portions of Ripple’s motion that reference certain deposition testimonies and corresponding exhibits.
The additional filler,
“The documents in question are relevant to the judicial process in the sense that they would reasonably have a tendency to influence the Court’s ruling on the discovery dispute before it, and no compensatory business or privacy interests outweigh their disclosure to the public”.
The motion to compel has been going on for a long time between the SEC and Ripple. Previously, the parties wanted to keep some conclusions during the proceedings out of the public eye, however, now that the lawsuit has become more public, the parties were trying to highlight some facts as part of the Motion to compel.
Notably, SEC archived Another one page answer regarding the now debatable Motion to Compel regarding the Ripple meeting recording.
Previously, the SEC admitted that before initiating the legal process, it had not informed, asked third parties that it considered XRP as a guarantee. Said,
“… The Commission admits that prior to the presentation of this case certain third parties inquired about the legal status of XRP. However, the Commission did not rule in one way or another in response.
The comment was made in an application for admission to the SEC document attached to the latest court filing. It’s interesting as this could be an official admission to the case by the SEC and could help prove Ripple’s point.
The lawsuit was still in the discovery phase. Since the start of the lawsuit in December 2020, both parties have filed several motions, with the intention of verifying their respective claims. Admission by the SEC could mean that regulators played in defense of fair notice. However, by itself it would not fully shape the case and Ripple may still need to prove its XRP sales.
This is a machine translation of our English version.