Ripple Labs requested the Southern District of New York to keep certain documents connected to the SEC’s Motion for Judgment and Remedies on May 13, 2024, confidential. The “Remedies Materials” provide financial data, including audited accounts, revenue, and expenses.
Attorney Andrew J. Ceresney, representing Ripple, sent a letter to Judge Analisa Torres to clarify the motion. According to him, revealing Ripple’s financial status, business tactics, sources of income, and expenditure arrangements to competitors and customers would negatively impact its competitive stance.
Ripple prioritizes the secrecy of its audited financial statements and related documentation. Ceresney asserts that the disclosure of these confidential documents would adversely impact Ripple’s functioning and ability to compete. The documents include crucial financial statistics about Ripple’s market status.
Ripple aims to preserve the confidentiality of its payment terms with partners in order to maintain its negotiating leverage.
Disclosing the sales conditions of XRP might potentially undermine its competitive edge and negotiation power. The motion asserts that the disclosure of these circumstances might potentially undermine Ripple’s bargaining power with prospective collaborators and provide competitors with insights to enhance their methodologies.
Ripple aims to redact the names of XRP investors, customers, and business partners. The business asserts that these identities are inconsequential and might be exploited if made public.
The motion contends that protecting their identities surpasses the public’s entitlement to access, since disclosure poses a risk to the individuals implicated.
Ripple’s legal team highlights that the SEC has not disputed several requests to keep information confidential, which might bolster their decision.
The motion references previous instances of similar motions, which have set a strong precedent. According to attorney Bill Morgan, who specializes in XRP-related cases, a firm is fully entitled to safeguard economically confidential data.
Ripple is required to keep discount information confidential because the SEC’s argument that experienced institutional investors suffer financial harm is not strong.
Ripple aims to safeguard its competitive edge and crucial business data by securely sealing the “Remedies Materials.” Ripple safeguards its market position and confidential discussions by refraining from disclosing financial information and company strategies.