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SEC files objection to Ripple’s motion landing a blow to XRP holders

  • The SEC filed an objection in case against Ripple after the payment giant tried to keep certain ‘sensitive’ information confidential. 
  • US regulatory authority claimed Ripple’s assertion the information was confidential was not legally valid justification for non-disclosure. 
  • Analysts predicted a recovery in XRP price as the selling pressure on the altcoin reduced. 

In the latest twist-and-turn of the SEC vs. Ripple case, the US Securities and Exchange Commission has hit back at Ripple, objecting to the payment giants attempts to redact certain information it deems ‘sensitive and confidential’.The move comes as Ripple’s lawyers attempt to seal “Exhibit O.” However, according to the regulator, the real reason the payment giant is trying to keep the information secret is because it could damage the company’s reputation in the case, and that the facts contained in this exhibit are already public information, so the motion is futile.

SEC vs. Ripple: Regulator slams the defendant with objection

While the XRP community is awaiting a court ruling on whether emails used by William Hinman, Former Director of the Securities and Exchange Commission’s Division of Corporation Finance’s speech can be used in evidence, the SEC has filed a new objection against Ripple – this time demanding Ripple disclose information it is trying to keep under wraps.

The objection is targeted at a motion filed by Ripple’s counsel to keep “Exhibit O” sealed. According to Ripple’s lawyers, the said exhibit contains “sensitive and confidential” business information that should not be entered into the court. However, the SEC argues that this information is not sufficient to seal the warrant. There is no genuine support for Ripple’s motion to keep exhibit O sealed as the SEC denies that the contents are confidential.

Further, the regulator condemned as a not legally valid justification, Ripple’s motion, arguing that the information contained within the exhibit, “the testimony of expert SEC witness Patrick Doody” hurts Ripple’s merits of the case.

Patrick Doody claims to have known the reason why investors purchased XRP from Ripple. His expert testimony on the subject makes up the content of the exhibit,. Interestingly the SEC itself has redacted statements from his testimony, previously.

The SEC targeted the information that would reflect “weaknesses” in the SEC’s case against Ripple. James K Filan, Ripple’s lawyer said the global payment giant did not state an objection to the SEC’s move to seal off exhibits in their entirety, and while the regulator chose to seal the remainder of the exhibits in the case, and their proposed redactions, they failed to satisfy the “standards in sealing off the documents.”

What’s more, in previous updates on the SEC vs. Ripple case, the regulator has filed a letter to seal a portion of an exhibit to the defendant’s lawyers filings regarding insufficiency of the regulator’s response.

This new update in the SEC’s case against Ripple reveals how much the regulator has kept under wraps and how the community will have to wait longer for a ruling on Hinman documents.

The SEC vs. Ripple case is far from over as the regulator raises its latest objection and calls the defendant’s motives into question. The US SEC’s move has therefore slammed Ripple counsel.

XRP price begins recovery, starts an uptrend

XRP price made a comeback above $0.31, heading to the first major resistance level at $0.33. Bob Mason, a leading crypto analyst believes Ripple price needs broad crypto market support to break past the resistance, into an extended rally where $0.35 level comes into play, and $0.38 follows closely after.

Source: fxstreet.com

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