SEC Agreed To Redact Two Ripple Lawsuit Documents: Report

SEC agreed to redact two Ripple lawsuit documents after a meet and confer on April 1, where both parties agreed to partially redact some of the email exchanges so let’s read more in our latest Ripple news today.

Ripple reached an agreement with the SEC over sealing court documents but the company got half of what it demanded as only two emails will be redacted, not four. In the ongoing lawsuit with the US Securities and Exchange Commission the crypto payments company scoring a partial win in the push to keep its private email correspondence out of the public eye. The lawsuit against Ripple in December alleged that Ripple raised $1.3 billion by selling XRP in unregistered securities offerings. Ripple is a payment company that was created by XRP creators Chris Larsen and Brad Garlinghouse which operates similarly to an XRP central bank so if one coin is crashing Ripple sells about 55 million XRP that it holds in its treasury.

#SEC v. #RIPPLE #xrpcommmunity 1/3 Judge Netburn grants Ripple’s Motion to Seal on an Interim Basis — ORDER granting 83 Letter Motion to Seal. The Defendants' motion to seal is GRANTED solely on an interim basis. Furthermore, the parties are directed to meet and confer to discuss

— James K. Filan (@FilanLaw) March 31, 2021

A New York Judge granted Ripple’s motion to seal four documents and ordered Ripple and the SEC to agree on redactions so Ripple’s lawyers managed to convince the judge to grant redactions in two email exchanges. The first redaction is an email between Brad Garlinghouse and another anonymous person about Rippleworks to the company’s non-profit VC arm. The second is between anonymous parties that discussed the public perception of XRP and ripple’s control.

#SEC v. #RIPPLE #XRPcommunity Ripple’s Letter regarding Motion to Seal with Proposed Redacted Exhibits 1 and 2 filed this evening, 4.2.2021 pic.twitter.com/dMMdNVUQw2

— James K. Filan (@FilanLaw) April 3, 2021

Ripple hasn’t reached an agreement in two documents according to Ripple’s counsel Andrew Ceresney. The SEC didn’t want Ripple to hide the email exchange which contains co-founder Chris Larsen’s personal financial information nor the one with details about the company’s strategies with private investors. Ripple’s lawyer wanted them redacted as Ceresney said in a letter to the court:

 “All four documents are ‘discovery materials filed with the court in connection with the discovery-related disputes,’ and therefore not judicial documents and not entitled to a presumption of public access.”

Exhibits 1 and 2 pic.twitter.com/YR6McOSDIn

— James K. Filan (@FilanLaw) April 3, 2021

The SEC agreed to redact two of the documents but the court hasn’t stopped XRP from rising in value amid the current bull run. XRP became the 7^th biggest cryptocurrency with a market cap of $27.9 billion. The price is up around 170% since the start of the year and is worth $0.636178 which is higher than it was before the lawsuit.