The US Securities and Exchange Commission (SEC) has opposed Ripple's attempt to redact evidence in their remedies briefing, as per a court filing on May 20.

While acknowledging Ripple's right to seal certain exhibits, the SEC argues that Ripple's efforts to withhold financial and securities sales information are unlawful. The SEC asserts that these details are crucial for determining appropriate remedies.

According to the SEC:

“Ripple has been found to have sold investment contracts without registering these sales or providing required disclosures. Yet, Ripple continues to try to hide the very information it legally would have needed to disclose to sell those securities.”

The SEC insists on making Ripple's business information public

The Commission, led by Gary Gensler, contends that Ripple should have publicly disclosed the financial details and pricing it now seeks to keep private.

Under securities laws, the SEC explains that 32 categories of information must be disclosed in a registration statement. This includes an audited balance sheet showing assets and liabilities, three years of audited profit and loss statements, and details on offerings such as estimated net proceeds, pricing, discounts, expenses, and prior offerings.

Therefore, the SEC argues that Ripple cannot claim harm from disclosing information it is legally obligated to disclose.

The SEC also points out that Ripple cannot evade these disclosures by asserting its status as a private company:

“By choosing to raise money publicly, Ripple has relinquished its privacy rights over the information mandated by securities laws. Congress has deemed such disclosures to be in the public interest.”

This partial opposition by the SEC marks the latest development in the ongoing case against Ripple, which is approaching its conclusion. The SEC is seeking a $2 billion fine against Ripple, while Ripple contends the request is baseless and advocates for a penalty not exceeding $10 million.

In its first-quarter report for this year, Ripple expressed confidence that the judge will handle the remedies phase fairly.