<p>In a new filing with the court, Ripple Labs strengthens its offense against the U.S. Securities and Exchange Commission. As the highly anticipated judgment approaches, the crypto company firmly refutes two key arguments raised by the financial regulator.</p> 
<h2 id="h-ripple-contests-the-relevance-of-its-current-financial-situation">Ripple contests the relevance of its current financial situation</h2> 
<p>As the <a href="https://www.cointribune.com/en/crypto-ripple-vs-sec-the-final-clash-before-the-long-awaited-verdict/" target="_blank" rel="noreferrer noopener">final judgment approaches</a> rapidly, the legal saga between Ripple and the SEC sees new developments. 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 potential sanctions.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1"> 
 </div> 
</div> 
<p>«<em>Ripple does not claim that it could be unable to pay a measured penalty, and there is otherwise no reason to believe that Ripple’s current financial statements (years after the contested conduct) are relevant to the Court’s analysis.&nbsp;»</em></p> 
<p>The defense <a href="https://bitcoinist.com/ripple-disputes-crucial-sec-claims-new-filing/?utm_source=coingecko&amp;utm_content=coingecko&amp;utm_campaign=coingecko&amp;utm_medium=coingecko&amp;utm_term=coingecko" target="_blank" rel="noreferrer noopener">argues</a> that the company’s financial health, assessed years after the alleged violations, is not pertinent in this litigation. It cites legal precedents supporting the “legitimate right to keep the financial documents of a private company confidential.”</p> 
<p>Moreover, Ripple highlights the lack of necessity to disclose these sensitive information, which the court might dismiss. The crypto company argues that its analysis should not consider its current financial statements, established after the contested conduct.</p> 
<h2 id="h-ripple-defends-the-confidentiality-of-its-past-sales-contracts">Ripple defends the confidentiality of its past sales contracts</h2> 
<p>The other major claim discussed concerns Ripple’s historical contracts, which the SEC deems outdated due to changes in XRP sales terms. Nevertheless, through its financial director Jonathan Billich, the company asserts that these past contractual terms remain confidential and commercially sensitive.</p> 
<p>According to Billich, future counterparties could gain a significant advantage if they accessed the terms negotiated in these prior contracts. Ripple emphasizes that its sales methods have evolved, with current transactions now excluding the discounts previously offered to savvy partners.</p> 
<p>Furthermore, the company refutes the allegations of the <a href="https://www.cointribune.com/en/crypto-sec-opposes-ripples-attempt-to-cancel-crucial-testimony/" target="_blank" rel="noreferrer noopener">SEC</a> regarding the obligation to publicly disclose XRP prices under the securities law, given that the court ruled that XRP is not a security.</p> 
<p>In <a href="https://www.cointribune.com/en/sec-vs-ripple-towards-a-historic-resolution-for-the-future-of-crypto/" target="_blank" rel="noreferrer noopener">this fierce battle</a>, Ripple makes significant efforts to protect its commercial interests and preserve the confidentiality of strategic data. As the judicial resolution nears, both parties compete with legal arguments to tip the scales in their favor.</p>

Crypto: Ripple plays its last trump card to destabilize the SEC

Table of Contents

Cointribune EN

Other articles published on May 30, 2024

BRICS: The US Dollar in danger, here’s why according to JP Morgan!

Next $1 trillion company will be DePIN: Uplink CEO

How MoonBag Thump Dogwifhat and BitBot to Become the Best Crypto Presale in May 2024

Crypto News Update: How Well Have These 3 Tokens Done For Their Holders So Far?

US Extradites Two Crypto Fraudsters

Trump Possibly Knew About Ether ETF Approvals, Bitwise Executive Claims

Join our free newsletter for daily crypto updates!