Important Ripple and SEC Litigation Update May 21

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Important ripple and SEC Litigation Update May 21


TL;DR

• The SEC opposes Ripple‘s move to seal sensitive financial data, arguing that such information is crucial to judicial decisions.
• The legal battle between the entities involves allegations of illegal securities offerings by the company; Both sides have been clashing recently over certain witness statements and are awaiting the judge’s decision.

The War Continues


Legal dispute between Ripple and the US Securities and Exchange Commission (SEC) continues to offer Additional conflict rather than final solution. recent editor filed The company’s response to a request to seal and redact certain evidence related to the parties’ remedies briefs.

“The court should deny Ripple’s request to suppress financial and securities sales information because this information constitutes “judicial documents” as it is central to the parties’ arguments in support of the claim for damages and, therefore, may tend to influence the case. “The court’s solution decision.”

It is worth noting that the commission did not object to the sealing of Ripple’s latest financial statements “as a whole.” This not against the company’s request to seal the five exhibits in question in their entirety and many of the proposed editorials purpose remedies briefings. However, he strongly opposes the company’s request to “remove information regarding its income and expenses” since 2014.

According to the SEC, these data provide greater clarity about Ripple’s XRP sales and key.key its role in the legal process.

“Ripple wants to hide the extent to which it offers XRP at discriminatory prices. However the Ripple’s era What offer discounts date back to 2014 and end in December 2020. The agency added that Ripple tried to avoid remedies by claiming that the discounts it offered four and more years ago did not show how significant they were, specifically that Ripple “changed the way it sold XRP and changed its contracts.”

Case For this reason Far


The litigation between the organizations began in December 2020, when the SEC accused Ripple and some of its executives of illegally raising over $1.3 billion in unregistered securities offerings by selling XRP. Over the next few years, the case went through numerous updates until it reached the trial stage on April 23, 2024.

Shortly after this date, Judge Sarah Netburn made a new planning order focusing on claims for relief and the granting of final judgment.. Open 29 April SEC filed He opposes Ripple’s move to release new expert materials. Attempt what is centered based on the testimony of key witness Andrea Fox (known as the “Fox Declaration”).

Both sides clashed on this issue. While the company argued that the statement represented an unsolicited expert opinion, the regulator described it as “standard summary evidence supporting impairment calculations”.

Ripple earlier this month filed a letter as more support The SEC’s initial request claimed that it had failed to show that the statement was “summary evidence.”

While both parties submitted additional documents and letters in the following days, American lawyer Jeremy Hogan argued that they should now wait for the judge’s decision.

He previously predicted the case could be officially closed this summer with a $100 million settlement. Potential amount much less than $2 billion fine wanted by the SEC and much more than the $10 million Ripple agreed to pay.

If you want to dive deeper into the details of the case and learn how its outcome could affect the price of XRP, please check out our exclusive video below:


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