As the legal battle between Ripple and the US Securities and Exchange Commission (SEC) continues, the deadline for the latest filing related to sealing in the Remedies Phase has arrived.
As the legal battle between Ripple and the US Securities and Exchange Commission (SEC) continues, the deadline for the latest filing related to sealing in the Remedies Phase has arrived.
This is a big step forward in a lawsuit that has caught the attention of the crypto community. The case, which began in December 2020, revolves around SEC allegations that Ripple conducted an unregistered securities offering through the sale of XRP. Ripple scored a victory in July last year, when the court ruled that XRP was not a security in itself, but rather that certain institutional sales of XRP constituted unregistered securities offerings.
According to the previously published joint schedule, on May 20, 2024, both Ripple, the SEC and any third parties are expected to file brief letters in opposition to general letter motions to seal. This is the last deadline indicated in the joint proposal agreed to by both parties.
Also under the joint proposal, the parties will be required to file public, redacted versions of all documents within 14 days of court rulings on blanket sealing motions.
As the deadline approaches for the latest sealing-related filing in the appeals phase of the Ripple v. SEC, the case is approaching a final resolution.
On March 22, the SEC filed with the court a request for relief of approximately $2 billion against Ripple for institutional sales of XRP. Ripple responded to the SEC’s request on April 22, arguing that a fine of no more than $10 million was justified in this situation. The SEC responded to Ripple’s brief on May 6.
As for next steps, both Ripple and the SEC will await the judge’s ruling on final remedies.
Tomiwabold OlajideWhile the exact timeline of the judge’s ruling is unknown, recent statements from Ripple indicate that they expect a resolution within the next few months.
