Tuesday , May 11 2021

SEC agrees to reproduce two documents in Ripple lawsuit – but not Ripple CEO’s financial data

By letter

  • Ripple reached an agreement with the SEC to seal court documents.
  • But Ripple got half of what it asked for: it can only partially reduce two emails, not four.

In ongoing lawsuit with the US Securities and Exchange Commission (SEC), the cryptocurrency payment company Ripple scored a partial victory in its attempt to keep private e-mail out of the public domain.

The lawsuit, filed against Ripple in December, alleges that Ripple raised $ 1.3 billion by selling XRP in ongoing securities offerings. Ripple, a payment company created by XRP creators Chris Larsen and Brad Garlinghouse, acts as the central bank of XRP. If the currency collapses, Ripple sells the approximately XRP 55 million it holds in its coffers.

On March 31, a New York judge accepted Ripple’s proposal to temporarily seal four documents and ordered Ripple and the SEC to agree on the lawsuits by April 2. Ripple’s lawyers were able to persuade the judge to award damages to two email exchanges.

The first reduction is an email between Ripple CEO Brad Garlinghouse and an anonymous person about Rippleworks, the company’s non-profit VC division. The second is between anonymous parties discussing the public perception of XRP and Ripple controls him.

Ripple has not reached an agreement on the other two documents, according to Ripple adviser Andrew Ceresney. The SEC does not want Ripple to hide an email exchange containing the personal financial details of co-founder Chris Larsen, nor a sharing of the company’s strategy with private investors.

Ripple’s lawyers obviously still want to stay. “All four documents are ‘discovery material submitted to the court in connection with the discovery-related disputes’ and are therefore not court documents and are not entitled to presumption of public access,” Ceresney said in a letter to court yesterday.

The lawsuit did not prevent the XRP, Ripple’s cryptocurrency, from rising in the midst of the current bull bull. As of yesterday, XRP has become the 7th largest cryptocurrency, with a market cap of $ 27.9 billion. The price of XRP has risen about 170% since the beginning of the year, it is currently worth $ 0.636178 – higher than before the treatment.

The rising tide lifts all boats.

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