In its most recent response, Ripple blasts the SEC for its ‘unprecedented’ request

By    14 Jul,2022

Ripple responded angrily to the SEC’s request to seal its response to an amici motion relating to the Daubert case. The Ripple team told Judge Torres of the Southern District of New York that the facts do not support the SEC’s assertions. According to Ripple, the factual record in the pending SEC request does not warrant the extraordinary relief.


The SEC’s Request to Seal Expert Information

After requesting that information regarding Expert 1 be sealed, the SEC then requested that the sealing be extended to three other experts. Not only does the commission want their identities and associated information kept private, but it also wants any motion concerning the substance of their reports kept secret. This will continue until the motion concerning the first expert is settled.

According to Ripple, the purpose of the Daubert motion is to call into doubt the dependability and admissibility of an expert report. According to the SEC’s request, the full motion for the four experts must be filed and kept sealed. Ripple condemned the SEC’s actions as violating the public’s right to access relevant materials.

“The SEC’s attempt to suppress criticisms of its expert opinions is particularly egregious. Given that none of the SEC’s expert reports is likely to contain SEC confidential information. The only confidential information is internal information about Ripple itself and third parties.”

‘Unprecedented and Unsupported Attempts by the SEC’

The actions of the Securities and Exchange Commission were termed as “unprecedented” and “unsupported” by the Ripple team. Ripple emphasized that the commission’s efforts to protect identities and viewpoints from public scrutiny are not supported by evidence. The SEC briefed the court last month about leaving to file an amicus rebuttal, which Ripple urged be made public.

However, the court directed the SEC to present its argument for why the data should be sealed. The court directed the SEC to submit its case for sealing by June 14 without additional delay.