Notable Ripple v. SEC Case Update May 30: Details

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Notable ripple v. SEC Case Update May 30: Details


TL;DR

• While Ripple filed to seal the data on the SEC’s motion, arguing that its financial statements were irrelevant to the case, the regulator claimed they were crucial.
• The watchdog sued the firm in 2020 for collecting $1.3 billion from unregistered securities. The case is currently going to trial and Ripple has achieved some partial court victories.

Latest Development


after a while period Due to relative inactivity, the legal battle between the United States Securities and Exchange Commission (SEC) and Ripple has escalated again. Recently the company submitted a response letter as more support Regulator’s decision and request to seal data relevant to the request for relief. Initially, Ripple attempted to seal and redact some evidence and financial documents, but the SEC opposed the move.

“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. of the court Organization “solution decision” stated earlier than this month.

America’s securities regulator insists such data could provide more clarity on Ripple’s XRP sales years ago and could play a role in it. key.key its role in the legal process. According to the company, past contracts have “no continuing validity” as XRP has implemented some changes to its selling procedures:

“Ripple no longer sells XRP through over-the-counter transactions that have what the Court determined in summary judgment to be “Institutional sales.” There is no amount of Ripple’s current XRP sales to customers for use in connection with Ripple’s ODL product. between Relevant terms of over-the-counter contracts, such as discounts offered to advanced counterparties.

Brief Summary of the Case


The legal wrangling between the organizations began in December 2020, when the SEC accused Ripple of illegally raising more than $1.3 billion in unregistered securities offerings by selling XRP. The war went through many developments in the following years and reached the trial phase in April 2024.

Both parties have submitted the necessary documents and briefings to the judges and are now awaiting the judge’s decision, according to American lawyer Jeremy Hogan.

Some believe that Ripple has the upper hand in the case because it has secured three significant (but partial) guarantees. court won last year. price of XRP gathered After each victory, this means that a decisive victory for the company can positively impact the asset. If you would like to learn more about the lawsuit and its potential impact on XRP’s valuation, please check out our exclusive video below:


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