San Francisco-based blockchain company Ripple has deposit to seal or narrowly redact certain of its documents in connection with the United States Securities and Exchange Commission's motion for judgment and relief.
Ripple claims that disclosing these non-public documents would cause “significant harm” to its business interests.
The company wants to seal or redact highly confidential information regarding its profits, revenues, expenses, etc.
Additionally, Ripple wants to keep its contractual agreements with thirty business partners secret. Although Ripple admits that the fact that it offered discounts to institutional buyers of XRP is relevant, it is not willing to disclose specific financial and pricing terms.
Ripple stressed that the removals are “narrowly worded” and “justified” due to their “sensitive” nature.
Additionally, Ripple also seeks to protect the identity of certain third-party financial institutions, its customers as well as its employees. Disclosure of these identities would be “harmful” to their “legitimate privacy interests,” according to the filing. This could potentially harm Ripple’s partnerships.
As reported by U.Today, the SEC is seeking fines and penalties worth more than $2 billion from Ripple. The defendant, however, insists that the civil penalty should not exceed $10 million.
Stuart Alderoty, Ripple's chief lawyer, recently said the lawsuit was “Closer than ever” to its resolution.