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In a new court filing, Ripple Labs is stepping up its offensive against the US Securities and Exchange Commission. As the highly anticipated ruling approaches, the crypto company strongly refutes two key arguments raised by the stock market watchdog.
Ripple questions the relevance of its current financial situation
As the final ruling fast approaches, the legal drama between Ripple and the SEC is taking new turns. In its filing before Judge Analisa Torres, crypto company Ripple categorically rejects the SEC’s argument that its current financial situation should influence the decision on possible sanctions.
“Ripple does not claim that it may be unable to pay the assessed fine, nor is there any reason to believe that Ripple’s current financial statements (years after the impugned conduct) are relevant to the courtyard’s analysis. »
The defense says the company’s financial health, assessed years after the alleged violations, is irrelevant in this lawsuit. He cites legal precedents supporting a “legitimate right to the confidentiality of the financial records of a private corporation.”
In addition, Ripple emphasizes that it is not necessary to disclose this sensitive information, which could be rejected by a court. The crypto company claims that its analysis should not take into account its current financial statements prepared after the impugned action.
Ripple defends the confidentiality of its old purchase contracts
Another major claim addressed concerns Ripple’s historical contracts, which the SEC considers obsolete due to changes in the terms of sale of XRP. However, the company confirms through its CFO Jonathan Billich that these past contractual terms remain confidential and commercially sensitive.
According to Billich, future counterparties could gain a significant advantage if they accede to the terms negotiated in these previous contracts. Ripple emphasizes that its sales methods have evolved and current transactions now do not include discounts offered in the past to savvy partners.
In addition, the company rejects the SEC’s claim regarding the Securities Act’s requirement to disclose XRP prices, as the court ruled that XRP is not a security.
In this fierce fight, Ripple is making great efforts to protect its business interests and maintain the confidentiality of strategic data. As the legal outcome nears, both sides are vying with legal arguments to tip the scales in their favor.
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I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
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