The SEC v. Ripple lawsuit is approaching a crucial milestone on May 20, as both parties are set to submit their opposition to the omnibus sealing motions. This legal battle between the SEC and Ripple is drawing to a close, with the involvement of other third parties expected as well. As per the court’s schedule, the parties are required to file their respective opposition briefs by May 20, marking an important date in the lawsuit.
Ripple has previously requested the court to seal specific exhibits in order to protect its confidential business information and the interests of its partners and third parties. The company has also sought limited redactions to certain information within the remedies-related briefs, specifically pertaining to its audited financial records and other documents. One of the key exhibits that Ripple wishes to seal relates to the discounts offered to institutional buyers of XRP. However, the SEC has expressed its disagreement with this request, arguing that the document is relevant to its remedies-related brief. Ripple, on the other hand, maintains that only the contract and discounts are relevant to the SEC’s brief, asserting that the financial and pricing terms are irrelevant to the regulatory agency’s arguments.
In the upcoming opposition briefs, the SEC is expected to explain why it believes the discounts offered to XRP institutional buyers should be made public. The regulatory agency may also counter Ripple’s arguments regarding the sealing of certain portions of its financial records. Additionally, third parties will have the opportunity to file their oppositions to the omnibus sealing motions.
Once the opposition briefs are filed, the court will make a ruling on the omnibus sealing motion, determining which information and exhibits should be sealed. It is important to note that the court’s ruling on this motion could be issued at any time after the opposition briefs are submitted. Following the court’s decision, the parties will be required to submit redacted versions of these documents to the public docket within 14 days.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The views expressed in this article are solely those of the author and do not necessarily reflect the opinion of The Crypto Basic. Readers should conduct their own research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.
