June 21, 2024

The Ripple/SEC lawsuit gets tougher as both parties intensify their strikes as the end draws nearer. Ripple recently filed a motion to seal its sensitive documents regarding the SEC’s remedies request. Also, the blockchain payment company rebuffs claims of suppressing XRP price through its ODL sales.

Ripple Counters the SEC’s Argument with A New Filing

Pro-XRP Attorney James K. Filan took to X on May 29, sharing excerpts of Ripple’s latest filings. In the filing, Ripple laid out additional reasons to support its motion to seal documents related to the SEC’s remedies request.

The recently filed reply letter clarified some arguments from the SEC’s earlier motion for remedies and judgmentFurther, the filing stated that Ripple’s opening documents addressed some issues in the agency’s brief. 

Recall that on May 21, the SEC countered Ripple’s omnibus sealing motion. The regulator maintained that Ripple’s present financial details will aid the court’s assessment of remedies.

Also, the SEC believed that withholding the information amounts to concealing crucial data from the public. So, it requested the court to deny Ripple’s demand to seal financial details and other terms in determining the remedies.

Ripple opposed the SEC’s motion based on the arguments it projected in its brief on May 21. The company highlighted the irrelevance of the company’s financial data in the court determination.

Additionally, Ripple noted that the Commission’s arguments lack justifications. Ripple pointed out that it never debated its ability to comply with any measured penalty.

Instead, the firm’s primary concern is to defend its integrity and protect other associated parties. So, it pushed for the court to seal its confidential financial information.

Ripple Disperses Allegation Over XRP Price Suppression

Ripple also defended its ODL sales of XRP through the new filing. The blockchain firm condemned the regulator’s statement that its past contracts are irrelevant as it altered the XRP sales pattern.

As support, the firm cited Jonathan Blitch, its CFO, whose assertion stressed the confidentiality of the contracts. Moreover, the statement revealed how counterparties could gain leverage after discovering the firm’s negotiated terms of past contracts.

Ripple argues that its current XRP sales to ODL customers do not reflect any over-the-counter contract terms, such as discounts offered to sophisticated counterparties.

Moreover, pro-XRP attorney Bill Morgan indicated the importance of Ripple’s defense about XRP sales via ODL transactions. He believed that Ripple’s assertions gave a clear insight into the firm’s ODL-related sales and that they don’t suppress XRP prices. 

Before now, some critics accused Ripple of XRP price suppression through its continuous ODL sales. They see ODL transactions as a means to dump XRP on retail investors, impacting the token’s price.

However, Ripple’s statement refuted this assumption, saying the company neither dumps the token nor suppresses its price. Ripple unlocks 1 billion XRP coins from its escrow account every month. However, it relocks about 80% of the tokens and uses the remaining for ODL sales.

As of 06:16 AM EST on May 30, XRP trades at $0.5177, reflecting a 2.40% decline over the past day. Its market cap has hit $28.72 billion. 

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