In the ongoing legal battle between Ripple Labs vs. SEC, Senior Judge Phyllis J. Hamilton has granted the request of Ripple’s CEO Brad Garlinghouse and the U.S. Securities and Exchange Commission’s request to seal certain court documents. This decision, as reported by Coin Edition, will allow both the sides to keep confidential information away from the eyes of the public.
Key Documents to Remain Confidential In Ripple vs. SEC Case
According to the court document, the U.S. District Court has ruled on motions to seal documents in the ongoing Ripple Labs vs. SEC lawsuit. Both the sides had requested to the court to seal certain documents but the requests were denied in the past. Ripple and SEC then submitted a revised motion which now has been granted.
The information that will be kept confidential include critical exhibits tied to summary judgement motions and expert testimonies, personally identifiable information, and confidential business data.
For this request, the court applied the “compelling reasons” standard. This clause requires the need of secrecy which outweighs the public’s right to access the information. This permission to grant sealing of the documents by the court indicates the sensitive nature of the evidence and arguments presented in this case.
Ripple has managed to seal eight exhibits supporting its summary judgement motion and 56 exhibits opposing the SEC’s motion. SEC, on the other hand has also requested to seal several exhibits, which include expert testimony.
Act of Balance
Even though this court ruling was passed to protect proprietary and confidential information related to the case, but it also raised questions about transparency in the case that has gotten the entire crypto world hooked. Critics argue that the sealing these documents does not give a transparent approach to the case.
However, confidentiality is also critical to protect sensitive information. In case of Ripple, the sealed documents deal with the company’s business operations, financials, and technology.
The decision of the court to grant sealing of certain documents indicates the importance of balancing transparency with confidentiality. Since only the sensitive documents will be sealed the court aims to protect Ripple’s confidential information while maintaining transparency with the legal proceedings.
This balance will be crucial in maintaining trust in the legal system and ensuring that the justice is served.
XRP Price Movements
With these developments and other speculation of Bank of America filing 83 patents for using Ripple’s blockchain technology led to a surge in the price of the XRP token but the price saw a sudden drop.
At press time, the price of the token stands at $2.42 with a dip of 3.4% in the last 24 hours.
Price Prediction for XRP
After Trump takes over the White House on January 20, 2025, friendly crypto regulations are anticipated that may cause surge in the prices of the cryptocurrency tokens. The price of the XRP token is predicted to surge and reach $8-$13 based on the historic trends and as per price predictions carried out by various analysts.
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