SEC v Ripple: Assessing the ground of these redactions on the XRP lawsuit
The infamous crypto legal battle continues to drag on after both the SEC and Ripple legal teams filed new motions. Both parties submitted their own redactions as opposed to Exclusion Motions as of 19 August. This comes after last week’s beating on the part of the SEC. The SEC was ordered by the court to submit all the Hinman speech materials as they depict relevant objections regarding the decision.
What’s the latest here?
Ripple has filed for three “narrowly-tailored” redactions in a letter to Judge Torres on 19 August. These redactions reduce the number of exhibits by the parties in opposition to the motions to exclude expert testimony. Ripple is looking to protect the interests of certain non-party entities, including market participants and Ripple’s business partners. The arguments that Ripple proposes is that these identities have no bearing on the Daubert Responses. Also, the unwarranted disclosure will affect their privacy interests and Ripple’s relationships with them.
Ripple also laments on amending the names and personal information of Ripple employees in the Dauber Responses. They also seek to redact the personal financial information of an employee since it’s not relevant to the Dauber Responses.
How did the SEC react?
The American financial watchdog also filed a similar motion after Ripple’s move. The SEC filed a motion to seal portions of the Exclusion Motions. These include information identifying the SEC’s expert witnesses and the personal financial information of one of the SEC Experts. On their part, the SEC proposed two redactions to keep the identities disclosed under the procedure. The financial institution further claimed that the identity of this third-party has no bearing on the Exclusion Motions. The SEC is certain about these redactions as the court has previously allowed similar redactions.
Will these redactions shape the case in the coming weeks? We will have to wait and watch out for this as the case rolls out into an obscure turn.