In a new court filing, Ripple Labs steps up its offensive against the US Securities and Exchange Commission. As the highly anticipated judgment approaches, the crypto company firmly refutes two key arguments raised by the stock market watchdog.
Ripple disputes the relevance of its current financial situation
As the final judgment fast approaches, the legal drama between Ripple and the SEC is experiencing new twists and turns. In its filing before Judge Analisa Torres, the crypto company Ripple categorically rejects the SEC's argument that its current financial situation should influence decisions on possible sanctions.
“Ripple does not claim that it might be unable to pay a measured penalty, nor is there any reason to believe that Ripple's current financial statements (years after the challenged conduct) are relevant to the analysis of the courtyard. »
Defense asserts that the financial health of the company, assessed years after the alleged violations, is not relevant in this dispute. She cites legal precedents supporting the “legitimate right to confidentiality of a private company’s financial records.”
In addition, Ripple highlights the lack of necessity to disclose this sensitive information, which the court could dismiss. The crypto company argues that its analysis should not take into account its current financial statements, prepared after the contested conduct.
Ripple defends the confidentiality of its old sales contracts
The other major claim addressed concerns Ripple's historical contracts, which the SEC deems obsolete due to changes in the terms of sale of XRP. However, through its financial director Jonathan Billich, the company affirms that these past contractual conditions remain confidential and commercially sensitive.
According to Billich, future counterparties could gain a significant advantage if they accede to the terms negotiated in these prior contracts. Ripple emphasizes that its sales methods have evolved, with current transactions now excluding discounts offered in the past to savvy partners.
Additionally, the company refutes the SEC's allegations regarding the requirement to publicly disclose XRP prices under the Securities Act, given that the court has ruled that XRP is not a security.
In this fierce battle, Ripple is making considerable efforts to protect its business interests and preserve the confidentiality of strategic data. As the legal outcome draws closer, the two parties compete with legal arguments to tip the scales in their favor.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Click here to join 'Read to Earn' and turn your passion for crypto into rewards!
