The Significance of May 13th in the Ripple vs. SEC lawsuit
The legal battle between Ripple and the US SEC began in December 2020. The SEC alleged that Ripple sold XRP, a digital asset it primarily distributes, as an unregistered security.
The blockchain payments company contends that XRP is a currency and therefore not subject to securities regulations. The legal outcome has far-reaching consequences for both Ripple and the entire cryptocurrency industry.
Why is May 13 important?
May 13 is the deadline for the parties and any third parties involved in the case to file “consolidated mail motions to seal all documents related to the case.” briefings related to corrective measures.
This means that all parties will submit requests to designate specific parts of legal documents as confidential, preventing them from being disclosed to the public.
After the May 13 deadline, there will be a period of time for parties to object to these confidentiality requests and the final decision on redaction will rest with the court. Publicly redacted versions of the filing will then be made available by May 27.
