Ripple vs. SEC Legal Battle Update 🚀
Get ready for the latest updates on the ongoing legal battle between Ripple and the SEC. The SEC has made a surprising move by sealing their remedies reply brief and its exhibits, keeping the contents confidential. Stay tuned for a peek at the redacted versions scheduled to be revealed on May 8. But that’s not all! There are more filings related to sealing this case that will be coming out soon.
Ongoing Legal Chess Moves 🏛️
- Parties on both sides, along with third players, are strategizing to decide which parts of the reply brief and exhibits will remain confidential.
- They are categorizing information as either Confidential or Highly Confidential and preparing to release the redacted versions to the public.
On May 13, letter-motions will be submitted to the court to keep briefing materials such as briefs and declarations sealed. The parties will also reveal their proposed redactions during this process. By May 20, challenges to these motions will be made, and if successful, the clean versions of the documents will be disclosed within two weeks.
Ripple and SEC: The Tug-of-War Continues ⚔️
- Ripple is disputing the SEC’s claim for nearly $2 billion in disgorgement, interest, and penalties, insisting on only $10 million.
- The SEC is standing firm on their demands, which could potentially lead to Ripple’s sales to ODL customers being permanently halted.
There is speculation that these recent exchanges could set the stage for a settlement, especially with the looming threat of penalties for XRP’s institutional sales. However, settlement discussions may drag on until the final ruling is delivered by Judge Torres, expected in September.
Observers like Ashley Prosper and Bill Morgan are closely watching how the SEC responds to Ripple’s arguments against a permanent injunction. The outcome of these proceedings could have far-reaching implications for Ripple’s future operations and business strategies.
Hot Take 🔥
Stay tuned as the legal saga between Ripple and the SEC unfolds. The upcoming revelations and decisions could have a significant impact on the future of both parties and the broader crypto industry. Keep an eye on the latest developments to see how this high-stakes battle continues to play out!
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