Ripple vs. SEC: SEC files response brief for sealed relief in XRP lawsuit

In a new development in its ongoing lawsuit with Ripple, the SEC has sealed the summary of its proposed relief response and its evidence. The content has not been released yet, but on Wednesday, May 8th, we will get a peek at the edited version that the big names have agreed to. But that’s not all! A series of application documents related to this chaotic lockdown will be deleted soon.

Legal chess moves in progress

On May 7, the courtroom became a place of strategy. Parties on both sides, along with a few third players, huddled together to hash out the reply gist and what parts of the exhibits everyone else would see. They choose what is kept secret as secret or top secret. Tomorrow, they will expose their thoroughly polished work to the public eye.

It’s not over yet. Next Monday, May 13th, everyone involved will throw their letter motion into the ring and hold their cards close to their chest with an omnibus motion to seal briefing goods such as preparations and declarations. Next, try implementing the suggested edits.

Fast forward to May 20th and they are back in action, firing off a letter brief disputing the omnibus movement for sealing. If the court sides with them, they will agree to release the thoroughly cleaned documents within two weeks.

Ripple and SEC: The tug of war continues

While the lawsuit passes through the package with documents, Ripple is busy contesting the SEC’s price tag of nearly $2 billion in disgorgement, interest, and penalties. They are adamant that no donations should exceed $10 million. Meanwhile, the SEC is prepared to defend its position, potentially permanently ending Ripple’s sales to ODL customers.

ashley proper think This series of responses is believed to potentially pave the way for a settlement with potential penalties, particularly for the sale of XRP to institutional investors. But don’t hold your breath. Settlement negotiations could drag on until Judge Torres puts down his gavel in a final judgment, which is expected to be handed down in September.

bill morgan is particularly enthusiastic To see how the SEC reacts to Ripple’s petition for a permanent injunction. “The stakes are higher here than just a fine,” he said. If a judge cracks down on Ripple’s business, it could significantly change the way Ripple does business.

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