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Ripple v. SEC case update as of May 21, 2024

Ripple v. SEC case update as of May 21, 2024

As the wait for the final resolution to the long-running courtroom standoff between Ripple and the United States Securities and Exchange Commission (SEC) is still keeping the cryptocurrency community at the edge of its seat, the regulator has responded to the blockchain company’s request to seal certain information.

Specifically, after Ripple filed its motion to seal certain documents filed in connection with the SEC’s motion for judgment and remedies, the agency replied that this information should be public, as per the document shared by a defense attorney and former federal prosecutor, James K. Filan, in an X post on May 21.

Ripple v. SEC: Regulator’s reasoning

Indeed, as the document, addressed to Judge Analisa Torres, reads, the SEC states that the “Court should deny Ripple’s request to conceal financial and securities sales information because that information constitutes ‘judicial documents,’” arguing that:

“The SEC does not challenge the sealing of Ripple’s recent financial statements as a whole. But where financial figures or specific terms of contracts have been used by the parties to calculate and justify remedy requests, that information should be made public.”

At the same time, legal expert and popular commenter on the case, Bill Morgan, has pointed out that the SEC has acknowledged that none of the XRP sales to institutions with discounts were on-demand liquidity (ODL) contracts. That said, he also stated that:

“It remains a mystery why Judge Torres lumped them in with the other contracts with Institutions. I bet the SEC knows the ODL contracts are not investment contracts.”

SEC v. Ripple news

As a reminder, Ripple earlier filed a motion to seal or redact confidential information, including the company’s “negotiated financial terms of its contractual agreements with certain third-party business partners,” with support from its chief financial officer, Jonathan Bilich, as Finbold reported on May 14.

In early May, the regulator submitted a remedies reply brief, in which it argued for the need for injunctions, stressing that Ripple’s claims refuting the accusations of acting recklessly were “contrary to the evidence” and accusing the crypto firm of planning “to issue a new unregistered crypto asset,” referring to a new stablecoin.

Meanwhile, XRP, the token at the center of this ongoing legal battle, was at press time trading at the price of $0.54, recording a 5.76% gain on the day, growing 7.27% across the week, and accumulating an increase of 2.03% in the past month, as per the most recent charts on May 21.

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