The SEC doesn’t agree with Ripple’s motion to seal a document related to Amici’s request to take part in the SEC expert challenge. Instead, it wants to give Ripple a taste of its own medicine.
The Securities and Exchange Commission (SEC) disagreed with Ripple’s request to keep secret one of the documents labelled “Exhibit O.” This was in response to Amicus’s request to take part in the Daubert challenge with one of SEC’s experts.
In a motion filed yesterday, the SEC said that Ripple’s claim that Exhibit O has sensitive, confidential business information does not automatically qualify as a warrant to seal the document.
The SEC says that Ripple lied.
The SEC said that Ripple has no real reason to seal Exhibit O, since its claim that the document has confidential business information is not true.
The Securities and Exchange Commission also said that the main reason Ripple wants to seal Exhibit O is to keep the company from releasing a document that raises questions about the defendants’ motivations in the lawsuit.
“The fact that a document makes a party look bad or hurts them in the case itself is not a legal reason to seal it,” the SEC said.
According to a recent motion, the SEC didn’t agree with Ripple’s request to seal the documents because the court has already said that it won’t seal documents just because their contents are covered by a protective order. “Bargained-for confidentiality does not overturn the presumption of access to court documents,” the court said.
#XRPCommunity #SECGov v. ##Ripple #XRP The SEC has filed an objection to the Ripple Defendants’ Motion to Seal Exhibit O in connection with amici’s request to participate in the SEC expert challenge. pic.twitter.com/Yf3hm5yOQ5— James K. Filan 🇺🇸🇮🇪103k+ (beware of imposters) (@FilanLaw) June 17, 2022
The SEC said, “As a result, the SEC respectfully asks the court to deny the Defendants’ request to seal Exhibit O and the related reference in the Amicus Opposition Brief.”
Time for the SEC to get paid?
This happened a few days after Ripple said it didn’t agree with the SEC’s plan to keep some of the documents related to its objection to Amici’s request to take part in the upcoming Daubert challenge.
In a motion, the blockchain company said, “Some of these proposed redactions don’t seem to pose any safety risks.” Instead, they seem to be aimed at information that would show the SEC’s case is weak. “