This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission (SEC) had requested eight years of financial records of its current and previous CEO’s to be made public.
Ripple’s lawyers successfully made the case to have the motion dismissed after they called it an obvious “overreach” by the SEC.
Outlining her ruling, Judge netburn reasoned that although financial records reflect bank deposits from cryptocurrency exchanges on a certain date, they do not disclose anything on how this money was made. While it is possible that the deposits could come from XRP sales, they might as well be from other crypto sales or U.S. dollar transfers:
“The SEC’s belief that the Individual Defendants’ banking records might show evidence of a speculative transaction that could have occurred (and that the Individual Defendants are not providing in their XRP transaction records) is not a foundation on which to order expansive discovery into personal financial accounts.”
With her remarks, the judge makes it clear that the technical and operational aspects of XRP are a priority in the case and by doing so she is aware of the importance and precedent her ruling will set.
To say that the first full week of April has been a good one for Ripple is an understatement.
The company already celebrated two wins in the lawsuit that the SEC has brought on them. On Monday a motion was accepted which had some of Ripple’s private email exchanges removed from the records and on Tuesday the SEC was ordered to hand over their internal documents about Bitcoin and Ethereum in a clear call for transparency.
Price of Ripple’s XRP has skyrocketed this week and is currently trading at an all time high of $1.46 which is over double its price just a week ago.