Key information in the briefing related to remedies was sealed by a joint motion filed by Ripple Labs and the US SEC.
The SEC never intended to reveal Ripple’s post-complaint XRP sales contracts with institutions to the world.
The SEC v. Ripple case could have a definitive ruling by the following year.
The XRP price could go below important levels of support.
XRP Legal Action: In a significant turn of events in the ongoing battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), both sides have suggested withholding important public information on remedy briefings.
The US SEC Files and Ripple Move to Close the Briefing
In a recent court filing, Ripple Labs and the US SEC jointly moved to seal crucial information about remedies. They proposed providing timely public access to their briefs with specific redactions. The defendants and plaintiffs’ attorneys are pleading for Judge Torres to adopt this proposal.
If approved, Ripple’s financial records and institutional sales of XRP following the complaint will remain secret from the cryptocurrency community and XRP army. This will affect market sentiment since it raises questions about the probable conclusion and timeline of the protracted SEC v. Ripple Labs lawsuit.
In addition, the parties have suggested a timeline for redactions after reply briefs submitted on May 6 in response to the SEC’s opening brief concerning remedies.
22nd March: Underseal, the SEC files its opening brief about remedies, accompanying statements, and exhibits.
25th March: Participants gather and discuss potential redactions
26th March: Following the redactions that parties and third parties have requested, the SEC files a public, redacted copy of the brief.
Ripple will file a redacted version of its opposition brief and supporting documentation on April 22, the deadline for filing its opposition to the brief.
The SEC will submit its rebuttal brief under seal on May 6. In the next few days, the parties will get together to discuss additional redactions and submit a redacted copy of the reply brief.
Up to May 20, the parties and other interested parties may submit letter motions and oppositions about sealing specifics in the files. As a result, the lawsuit will go on for several more months, and Judge Torres’ ultimate decision is likely to be made next year.
Will XRP Price Drop Below the Support Level of $0.53?
Pro-XRP attorney Bill Morgan responded, stating the SEC never intended to publicly release Ripple’s post-complaint XRP sales contracts with institutions. Frustration mounts over ongoing delays as Judge Torres considers extending the case due to Empower Oversight’s lawsuit against the SEC and Congress-authorized fines for “gross abuse of power” in the Debt Box case. The XRP army desires the lawsuit resolved this year. On the last day, the price of XRP decreased by over 3%, now trading at $0.58. The 24-hour low stands at $0.57, while the high reaches $0.61. Trading volume has also decreased by 32%.
For all those that thought the SEC succeeding earlier this year in its motion ordering disclosure of Ripple post complaint contracts with institutions meant disclosure to the world it didn’t . It meant disclosure to the SEC subject to a protective order, and there is likely a lot… https://t.co/f49qBhaKGC
— bill morgan (@Belisarius2020) March 19, 2024
