Ripple vs. SEC Lawsuit: Ripple’s Sealing Motion Faces SEC Opposition, Potential Delays in Final Judgment

The post Ripple vs. SEC Lawsuit: Ripple’s Sealing Motion Faces SEC Opposition, Potential Delays in Final Judgment appeared first on Coinpedia Fintech News

The ongoing legal battle between Ripple and the U.S. SEC has taken another turn as the SEC opposes Ripple’s request to seal certain information regarding its business operations. The SEC has filed an opposition in response to Ripple’s request to seal confidential business information, including discounts offered to XRP institutional buyers. Seasoned defense attorney James K. Filan provided insights into the SEC’s opposition, revealing the regulatory agency’s stance on Ripple’s omnibus sealing motion.

#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed its response to @Ripple’s Motion to Seal. pic.twitter.com/zH9XYWbSsh

— James K. Filan (@FilanLaw) May 21, 2024

The SEC responded to Ripple’s seal motion!

Earlier, Ripple sought to seal exhibits related to its confidential business dealings, including details about discounts offered to institutional buyers of XRP. However, the SEC argues that publicizing this information is essential for transparency and understanding the case’s merits.

In its opposition, the SEC contends that Ripple’s sealing requests would conceal vital information relevant to the court’s assessment of the remedies litigation from the public eye. Interestingly, the SEC only challenges Ripple’s attempt to hide financial info related to discounts offered to XRP institutional buyers, suggesting that transparency is crucial for accurately assessing penalties. Plus, they object to the redaction of certain financial statements, arguing that these details are crucial to the court’s decision-making process.

The regulator believes Ripple hasn’t proven how public information could cause significant harm. It considers Ripple’s financial details outdated, and some evidence is already public.

What Next For Ripple vs SEC?

Notably, while the court will ultimately decide which exhibits and documents require sealing, there is speculation within the XRP community about potential delays in issuing the final judgment. Specifically, there are discussions surrounding Andrea Fox, a prominent SEC accountant, and whether she should be considered an expert or summary witness in the case. This unresolved matter could further prolong the legal proceedings between Ripple and the SEC, adding another layer of complexity to the already complex lawsuit.

XRP Jumps the Price Wagon

XRP witnessed a 5% surge, reaching $0.535, accompanied by a notable spike in trading volume, indicating heightened trader interest. Despite this rise, economists warn that regulatory uncertainty may keep prices low. Whales have reportedly started selling XRP holdings over the SEC’s objection to Ripple’s request to seal financial and institutional sales data. 

The good news is that the SEC merely opposes Ripple’s financial data request. They appear to be focused on the penalty rather than XRP’s status.