#EarnFreeCrypto2024 Countdown to ‘$3 XRP’ Activated As Ripple Vs. SEC Legal Battle Set for Epic Conclusion
The legal brawl between Ripple and the U.S. Securities and Exchange Commission (SEC) nears a climax. The financial regulator’s latest court filing marks the final submission before the presiding judge considers the remedies phase of this monumental lawsuit.
SEC Wants To Make Ripple’s Financial Records Public
The Securities and Exchange Commission has submitted its opposition to Ripple’s motion to seal some financial documents, according to a May 20 filing.
The SEC contends that Ripple’s request to “conceal financial and securities sales information” from the public is unlawful and that the material in question such as financial figures and other details are essential to requested remedies. Citing Lugo Sch v. Pyramid Co. of Onondaga, the regulator also stressed the historical significance of public access, particularly in cases of regulatory enforcement. “The common law right of public access to judicial documents is firmly rooted in our nation’s history,” said the SEC.
The suit, which was lodged in late 2020, revolves around the SEC’s assertions that Ripple conducted an unregistered securities offering via the sale of the XRP cryptocurrency. Ripple scored a partial win in July 2023, when Judge Ana Lisa Torres found that XRP was not a security in itself, but that institutional XRP sales constituted investment contracts.
As per the earlier released joint schedule, Ripple, the SEC, and any third parties were expected to file letter briefs on May 20, 2024, opposing omnibus letter motions to seal. This represents the final deadline for the joint proposal decided on by both parties.
Final Clash Before Long-Awaited Verdict
While the SEC agrees to seal five exhibits, it challenges the fintech firm’s request to conceal key financial figures and contract terms noted in the remedy deliberations. This includes details that would disclose Ripple’s current financial health, the volume of recent XRP sales, and the specifics of revenue
