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Ripple v. SEC case update as of May 30, 2024

Ripple v. SEC case update as of May 30, 2024

As the cryptocurrency community continues to wait for the final outcome of the prolonged and widely publicized court battle between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple, the two opposing sides continue to throw motions at each other.

In the most recent update, Ripple has filed a reply letter in further support of its motion to seal documents in connection with the regulator’s motion for judgment and remedies, according to the document shared by a defense attorney and former federal prosecutor, James K. Filan, in an X post on May 29.

Details of Ripple’s reply letter

Specifically, the blockchain firm’s legal team has once again asked Judge Analisa Torres to grant its “narrowly tailored request to seal the confidential, non-public information submitted in connection with the SEC’s motion for remedies,” arguing that:

“The SEC should not be able to force disclosure of Ripple’s highly sensitive confidential financial information merely by raising arguments that have no basis, especially where the Court can reject those arguments without considering any of the highly confidential facts.”

Furthermore, Ripple said that revealing this information might harm its interests, citing an argument that “confidential business information dating back even a decade or more may provide valuable insights into a company’s current business practices that a competitor would seek to exploit.”

SEC v. Ripple news

As a reminder, Ripple earlier filed its motion to seal confidential information, including the “negotiated financial terms of its contractual agreements with certain third-party business partners,” to which the SEC replied by arguing that the information should be public because it “constitutes judicial documents.”

Indeed, the SEC seeks to make Ripple’s financial data public in order to justify the $2 billion in fines and penalties, which the blockchain company and its supporters categorically reject, stressing that any civil penalty higher than $10 million total would be unfair and inappropriate.

More recently, Coinbase, one of the largest crypto exchanges, which has also been in a legal battle against the SEC, has relaunched XRP trading in New York, in a move that many take as Ripple’s win against the SEC in addition to Judge Torres ruling it did not violate securities law by selling XRP on public exchanges.

Currently, XRP is trading at the price of $0.52, recording a 1.59% drop in the last 24 hours, declining 1.65% across the previous week but nonetheless accumulating an advance of 1.32% over the past month, as per the most recent chart information retrieved on May 30.

Meanwhile, Geoffrey Kendrick, an analyst at Standard Chartered, has indicated that a new wave of crypto exchange-traded funds (ETFs) could emerge by 2025, including that for XRP, following the recent approval of spot Ethereum (ETH) ETFs, as Finbold reported on May 24.

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