The SEC tossed a new twist into their ongoing lawsuit with Ripple by sliding their remedies reply brief and its exhibits under a tight seal. The contents aren’t public yet, but come Wednesday, May 8, we’re all getting a peek at the redacted versions the bigwigs agree on. But that’s not all! There’s a whole lineup of filings related to sealing this mess scheduled to drop soon.
Ongoing Legal Chess Moves
On May 7, the courtroom turned into a strategy pit. Parties on both sides, along with some third players, huddled up to hash out which bits of the reply brief and exhibits everyone else gets to see. They’re picking what stays under wraps as Confidential or Highly Confidential. Tomorrow, they’re putting out what they’ve scrubbed clean for the public eye.
We’re not done yet. Come next Monday, May 13, all involved are throwing their letter-motions into the ring, trying to keep their cards close to their chest with omnibus motions to seal the briefing goodies like briefs and declarations. Then they’ll show their hands on proposed redactions.
Fast forward to May 20, and they’re back at it, firing off letter-briefs to challenge those omnibus motions to seal. If the court sides with them, they’ve agreed to air out the scrubbed-clean docs within two weeks.
Ripple and SEC: The Tug-of-War Continues
While the suits play pass the parcel with documents, Ripple’s busy arguing against the SEC’s price tag of nearly $2 billion in disgorgement, interest, and penalties. They’re adamant they shouldn’t give more than $10 million. Meanwhile, the SEC’s ready to defend their stance, possibly leading to Ripple’s sales to ODL customers getting axed permanently.
Ashley Prosper thinks that this round of replies could pave the way for a settlement, especially with potential penalties for XRP’s institutional sales on the table. But don’t hold your breath—settlement talks might drag out until Judge Torres slams down her gavel with a final ruling, speculated to land in September.
Bill Morgan is especially keen to see how the SEC reacts to Ripple’s plea against a permanent injunction. “The stakes are higher than just fines here,” he said. If the judge clamps down on Ripple’s operations, it could change the game for how they do business.
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