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- Ripple is currently facing a lawsuit filed by the Securities and Exchange Commission (SEC) of the US
- The payments firm accomplished partial success in its plea to keep its private email agreements away from the public eye
- The lawsuit claims that Ripple collected worth of $1.3 billion by trading XRP in ongoing unauthorized securities offerings
Ripple, a platform that aims to establish a very inclusive financial network, is currently facing a lawsuit filed by the Securities and Exchange Commission (SEC) of the US. In the ongoing proceedings, Ripple’s crypto payments firm accomplished partial success in its plea to keep its private email agreements away from the public eye.
Ripple’s partial success in the form of 2 redactions
In December last year, the lawsuit, registered against Ripple, claims that Ripple collected worth of $1.3 billion by trading XRP in ongoing unauthorized securities offerings. Ripple, a payments institution crafted by XRP founders Chris Larsen and Brad Garlinghouse, operates in a similar form as the central bank of XRP. Ripple sells off around 55 million XRP it holds in its finances if the coin is exploding.
On March 31, a judge in New York sanctioned Ripple’s proposal to fasten and secure four documents temporarily. He further ordered the SEC and Ripple to arrive at a mutual consensus on the redactions by April 2. Ripple’s lawyers convinced the former judge to sanction the platform with redactions in two email exchanges.
The first redaction represents Ripple CEO Brad Garlinghouse’s email conversation with an anonymous individual about Rippleworks, the firm’s non-profit VC wing. The second one represents a dialogue between unnamed parties talking about the public recognition of XRP and Ripple’s management of the same.
The consistent attempts of Ripple’s counsel
According to the official statement of Ripple’s counsel, Andrew Ceresney, Ripple could not reach an agreement over the other two files. The SEC refused Ripple that opportunity because it does not want to conceal an email exchange that consists of co-founder Chris Larsen’s private financial data, nor one that describes the company’s scheme of plans with private investors.
Ripple’s lawyers still are trying to get them redacted. Andrew wrote a letter on the same basis to the court yesterday. He noted that all four documents are disclosure materials registered with the court in association with the discovery-related discussions. Thus, he added, these files do not represent any kind of judicial documents, which implies that they are not eligible for a presumption of public access.
The court case did not stop XRP, Ripple’s cryptocurrency, from surging in value amid the ongoing bull run. As of yesterday, XRP became the 7th largest cryptocurrency, with a market cap value of $27.9 billion. XRP’s value is up about 170% since the beginning of the year. Thus, its current value stands at $0.636178, which is bigger than before filing the lawsuit.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
