The SEC wants to give Ripple a taste of its own pudding as it objects to the blockchain company’s motion to seal a document in connection with amici’s request to participate in the SEC expert challenge.
The Securities and Exchange Commission (SEC) has opposed Ripple’s motion to seal one of the exhibits labeled as “Exhibit O” in relation to amici’s request to participate in the Daubert challenge regarding the opinions of one of SEC’s experts .
In a motion filed by the SEC yesterday, the agency noted that Ripple’s claim that Exhibit O contains sensitive, confidential business information does not automatically qualify as a warrant to seal the document.
#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
SEC Accuses Ripple of Lying
The SEC asserted that Ripple does not have any genuine reason why it intends to seal Exhibit O because its claim that the document contains confidential business information is false.
The Securities and Exchange Commission added that the major reason Ripple is moving to seal Exhibit O is to shield the company from disclosing a document that raises questions about the Defendants’ motive in the litigation.
“The fact that a document makes a party look bad or hurts a party on the merits of the case is not a legally valid justification for sealing,” the SEC noted.
Per the recent motion, the SEC disagreed to Ripple’s move to seal on the grounds that the court has already ruled that it will not permit sealing of documents merely because its content is subject to a protective order “bargained-for confidentiality does not overcome the presumption of access of judicial documents.”
“Accordingly, the SEC respectfully requests that the court deny Defendants’ application to seal Exhibit O and the corresponding reference in the Amicus Opposition Brief,” the SEC concluded.
Payback Time for the SEC?
The development comes a few days after Ripple objected to the SEC’s quest to keep some of the documents related to its opposition against amici’s request to participate in the upcoming Daubert challenge.
“Some of these proposed redactions do not appear to pose any safety risks, but instead appear to be targeting information that would reflect weakness in the SEC’s case,” the blockchain company said in a motion.