According to CryptoPotato, Ripple has filed a motion to seal data related to the ongoing lawsuit with the United States Securities and Exchange Commission (SEC). The company argues that its financial statements are irrelevant to the case, while the SEC maintains they are crucial. The SEC sued Ripple in 2020 for allegedly raising $1.3 billion in unregistered securities. The lawsuit is currently in trial, with Ripple having secured some partial court victories.
In the latest development, the legal battle has escalated after a period of relative inactivity. Ripple recently filed a reply letter in further support of its motion to seal data related to the regulator’s motion for judgment and remedies. Initially, Ripple sought to seal and redact some evidence and financial documents, but the SEC opposed this move. The SEC insists that such data could provide more clarity about Ripple’s XRP sales from years ago and play a key role in the legal process. However, Ripple contends that historical contracts have 'no continuing relevance' as it has enforced certain amendments on its XRP sales procedures.
The legal dispute between the SEC and Ripple began in December 2020 when the SEC accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. The case has seen numerous developments over the years and reached its trial phase in April 2024. Both parties have presented necessary documents and briefs to magistrates and are now awaiting the judge’s ruling. Some believe Ripple has the upper hand in the lawsuit due to securing three vital, yet partial, court wins last year. These victories have had a positive impact on XRP’s price, suggesting a decisive victory for the company could further boost the asset's value.