Regulation
Defense reveals crucial documents under seal
In a significant development in the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple, renowned defense attorney James Filan recently revealed that the regulator has sealed its latest brief in response and supporting documents.
These documents, essential to the case, remain secret and public redacted versions are expected to be released by May 8, 2024.
Latest News on SEC vs Ripple: Sealed Evidence Exposed
The seal documents apparently contains the SEC Rebuttals to Ripple Counterarguments against the first remedies proposed by the regulator. This follows a historic decision by Judge Analisa Torres Last July. It found that Ripple was violating federal securities laws due to its sales of XRP to institutional investors.
Previously, the SEC was seeking a staggering amount $2 billion penalty from Ripple, a figure the company vigorously disputed. Ripple’s legal team says the sum requested is disproportionate to the alleged offenses.
Instead, Ripple suggests a considerably lower penalty of $10 million, calling into question the need for injunctive relief and restitution as the SEC is proposing.
“Ripple fully intends to adhere to these guidelines in the future and has every interest in doing so. The SEC’s draconian relief requests are without merit in law or principle… The Court should deny the SEC’s requests for injunctive relief, disgorgement, and prejudgment interest, and should impose a civil penalty of a maximum of 10 million dollars”, the filling document read.
As the legal proceeding unfolds, both sides meticulously review and redact sensitive information from the filings. This includes a full meeting and conference session scheduled for May 7, 2024. Here, the parties will identify redactions necessary to protect confidential information, as set forth in the court’s protective order.
The culmination of this phase will see the submission of omnibus letters of motions by May 13. These are intended to seal all documents related to the solutions briefing. This will be followed by counter filings opposing the sealing motions, scheduled for May 20.
Learn more: Everything you need to know about Ripple vs SEC
The case continues to attract considerable attention. This affects Ripple and its operations and sets a precedent for the regulation of cryptocurrencies under U.S. securities laws.
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