Ripple has filed a motion to seal data related to its ongoing lawsuit with the United States Securities and Exchange Commission (SEC), arguing that its financial statements are irrelevant to the case. The SEC, on the other hand, maintains that these documents are crucial to the legal process.

The SEC sued Ripple in 2020 for allegedly raising $1.3 billion in unregistered securities, and the lawsuit has been ongoing ever since. Ripple has secured some partial court victories, but the legal battle has escalated in recent months.

Ripple recently filed a reply letter in further support of its motion to seal data related to the regulator’s motion for judgment and remedies. The company argues that historical contracts have 'no continuing relevance' as it has enforced certain amendments on its XRP sales procedures.

The SEC, however, insists that such data could provide more clarity about Ripple’s XRP sales from years ago and play a key role in the legal process. The regulator believes that the financial statements could help to determine whether Ripple’s XRP sales were indeed unregistered securities.

The legal dispute between the SEC and Ripple began in December 2020 when the SEC accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. The case has seen numerous developments over the years and reached its trial phase in April 2024.

Both parties have presented necessary documents and briefs to magistrates and are now awaiting the judge’s ruling. Some believe Ripple has the upper hand in the lawsuit due to securing three vital, yet partial, court wins last year. These victories have had a positive impact on XRP’s price, suggesting a decisive victory for the company could further boost the asset's value.

In conclusion, the ongoing legal battle between Ripple and the SEC is a significant development in the world of cryptocurrency. The outcome of the lawsuit could have far-reaching implications for the future of XRP and the broader cryptocurrency market.