SEC Files Sealed Remedy Reply Brief in XRP Lawsuit: Ripple vs SEC

The ongoing lawsuit between the SEC and Ripple took an unexpected turn as the SEC filed their remedies reply brief and supporting exhibits under seal. While the contents are not yet public, redacted versions will be filed by May 8th. In addition to this, there are several other filings related to sealing the case that will be released soon.

On May 7th, both parties and some third players came together to determine which parts of the reply brief and exhibits should be kept confidential. They will decide what information stays hidden and what will be made available to the public. The redacted versions will be released tomorrow.

The legal proceedings continue with a series of motions to seal the briefing materials, such as briefs and declarations, which will be submitted on May 13th. These motions aim to keep the information confidential. Following this, the proposed redactions will be revealed.

By May 20th, the parties will challenge the motions to seal by submitting letter-briefs. If the court agrees with them, the redacted documents will be made public within two weeks.

While these legal battles over documents unfold, Ripple is disputing the SEC’s demand for nearly $2 billion in disgorgement, interest, and penalties. They firmly believe they should only pay $10 million. The SEC is prepared to defend their position, which could potentially result in Ripple’s sales to ODL customers being permanently halted.

There is speculation that this round of replies could pave the way for a settlement, particularly considering the potential penalties for XRP’s institutional sales. However, settlement talks may continue until Judge Torres delivers a final ruling, expected in September.

Bill Morgan is particularly interested in seeing how the SEC responds to Ripple’s plea against a permanent injunction. He believes that the outcome of this case could have significant implications for Ripple’s business operations.

Tags: Ripple (XRP)