In a significant development in the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple, renowned defense attorney James Filan recently disclosed that the regulator has sealed its latest reply brief and supporting exhibits.
Pivotal to the case, these documents remain under wraps with public, redacted versions expected to be released by May 8, 2024.
Latest on SEC vs Ripple: Sealed Evidence Exposed
The sealed documents reportedly contain the SEC’s rebuttals to Ripple’s counterarguments against the initial remedies proposed by the regulator. This follows a landmark decision by Judge Analisa Torres last July. She found Ripple violating federal securities laws due to its sales of XRP to institutional investors.
Previously, the SEC sought a staggering $2 billion penalty from Ripple, a figure that the company has contested vigorously. Ripple’s legal team argues that the demanded sum is disproportionately high compared to the alleged infractions.
Instead, Ripple suggests a considerably lower penalty of $10 million, challenging the need for injunctive relief and disgorgement as proposed by the SEC.
“Ripple has every intent of adhering to that guidance in the future and every incentive to do so. The SEC’s Draconian remedial requests are ungrounded in law or principle… The Court should deny the SEC’s requests for an injunction, for disgorgement, and for pre-judgment interest, and should impose a civil penalty of no more than $10 million,” the filling read.
As the legal proceedings unfold, both parties meticulously review and redact sensitive information from the filings. This includes a comprehensive meet and confer session scheduled for May 7, 2024. Here, the parties will identify necessary redactions to protect confidential information, as stipulated by the court’s protective order.
The culmination of this phase will see the submission of omnibus letter motions by May 13. These aim to seal all materials related to the remedies briefing. This will be followed by counter-filings opposing the motions to seal, scheduled for May 20.
Read more: Everything You Need To Know About Ripple vs SEC
The case continues to garner significant attention. It affects Ripple and its operations and sets a precedent for cryptocurrency regulation under US securities laws.
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