SEC thwarts Ripple’s decision to seal court documents
- The defendants agreed to seal documents revealing the identity of the expert
- XRP price at time of writing – $0.3168
- Ripple’s decision to seal certain documents made sense to a few XRP enthusiasts
The SEC on June 15 documented its solicitation to seal its reaction to the amici move to participate in the Daubert Challenge. This move closely follows the statement of an expert SEC observer – Patrick B. Doody – who covered the data on which “sensitive” XRP holders depended when buying the token.
Yet the defendants rushed to respond to this recording, with “Display”. A selection of the captain’s testimony file in the form of a “legal report”. The litigants agreed to seal acts revealing the personality of the master. In any case, they guaranteed that the SEC had mentioned removing the entries, which would sabotage the master.
Defendant sought to seal Exhibit ‘O’ as part of amicus request
In the most recent documentation, the SEC recorded an issue with the Ripple defendants’ motion. According to this, the Defendant expected to seal Exhibit O regarding the amici’s solicitation to participate in the SEC Master’s Challenge. James Filan, a prominent attorney, shared this improvement in a June 17 tweet.
Subsequently, contradicting the move of six XRP backers to document a brief regarding the valuations of one of the SEC specialists.
He further added that the Respondents’ conclusive assertion that Exhibit O contains “sensitive and classified commercial data” is not sufficient to warrant a correction. Respondents cannot offer any genuine assistance for their statement since Exhibit O does not contain any secret business data.
The SEC said how a report makes a party look terrible or hurts a party on the merits of the case is certainly not a legitimate legal defense for the fixation. Despite defendants being “classified” as part of the protective order story, the court took a hardline stance on allowing the SEC Ripple records to be sealed.
ALSO READ: Crypto Hedge Fund Three Arrows Capital Considers Asset Sale
The judge’s order granted Amicus Curiae status to holders of 25,000 XRP.
The Court will not allow reports to be fixed simply on the grounds that the data they contain depends on a specified defensive claim. Since the expected secrecy does not outweigh the assumption of access to legal records.
Under the Court’s earlier decision, Exhibit O is irrefutably a legal record. It was submitted to the Court as evidence regarding the SEC’s resistance to the Movants movement.
It is here that it should be noted that Ripple’s transition to sealing a few discs sounded good to a few XRP enthusiasts.
Nevertheless, whatever the circumstances, hope is high given the green light passed. Not to mention that last October, the arbitrator structure granted Amicus Curiae status to holders of 25,000 XRP.