XRP Lawsuit: Ripple and US SEC Seek to Seal Key Details
In a significant development in the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), both parties have jointly proposed to keep certain crucial information regarding remedies-related briefing under seal. The motion, which has been filed in court, aims to ensure that the parties’ briefs are made available to the public promptly while redacting some sensitive details.
If approved, this proposal would mean that certain information related to Ripple’s financial statements and post-complaint XRP institutional sales will remain hidden from the public eye. This development could have an impact on market sentiment, as it adds uncertainty regarding the potential outcome and timeline of the long-running SEC v. Ripple Labs lawsuit.
Additionally, the parties have suggested a schedule for redactions after the SEC’s remedies-related opening brief on May 6. The proposed timeline includes:
- March 22: The SEC files its opening remedies-related brief, along with supporting declarations and exhibits, under seal.
- March 25: Parties engage in discussions to identify redactions.
- March 26: The SEC files a public version of the brief with redactions as requested by the parties and third parties involved.
Ripple is expected to file its opposition to the brief by April 22, which will be followed by the submission of a redacted version of its opposition brief and documents. On May 6, the SEC will file its reply brief under seal. The parties will then collaborate on further redactions and submit a redacted version of the reply brief within a few days.
Until May 20, all parties and third parties involved will have the opportunity to file letter motions and opposition related to sealing details in the filings. As a result, it is likely that the lawsuit will continue for several more months, with a final judgment from Judge Torres expected next year.
XRP Price May Face Support Level at $0.53
Bill Morgan, a lawyer supporting XRP, expressed his opinion on the sealing proposal. He stated that the SEC’s intention to disclose Ripple’s post-complaint XRP sales contracts with institutions was never meant for public disclosure. Instead, it was intended for disclosure to the SEC under a protective order. The continuous delays in the lawsuit have disappointed the XRP community, who hope for a resolution this year.
The outcome of the lawsuit is particularly significant given the recent legal action taken by Empower Oversight against the SEC and the sanctions imposed on the SEC in the Debt Box case for what has been deemed as a “gross abuse of power” entrusted by Congress.
As for XRP’s price, it has experienced a 3% drop in the past 24 hours and is currently trading at $0.58. The 24-hour low and high are recorded at $0.57 and $0.61, respectively. The trading volume has also decreased by 10%.
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