Ongoing legal proceedings involving the US Securities and Exchange Commission (SEC) and Ripple Labs have taken a new turn. The SEC has submitted a response summary along with supporting documents, which are currently under seal. However, a public version of the documents, as well as additional sealed records, will soon be released.
James K. Filan, a former federal prosecutor, revealed on May 6 that the SEC submitted its solutions, brief responses, and supporting evidence in a confidential manner. These documents are not yet available to the public, but redacted versions will be made public by Wednesday, May 8, 2024. Filan also mentioned that there will be other filings related to sealing.
When a filing is under seal, it means that it contains confidential information that cannot be disclosed to the public at the moment. However, edited versions of the documents will be archived by May 8, 2024.
The crypto community eagerly awaits the release of the edited versions, as they are expected to provide insight into the SEC’s arguments in the case and the potential repercussions for Ripple and its digital asset, XRP.
Filan’s document also outlined the upcoming important deadlines in the legal process. On May 7, the parties involved will meet to discuss any requested redactions to the response summary and annexes. On May 8, the SEC is expected to release a public, edited version of its recent summary and supporting documents.
By May 13, it is estimated that the parties and any relevant third parties will be able to present motions to seal the materials related to the solutions briefing and propose drafts. However, on May 20, both parties and any third parties will be able to file opposing briefs to the motions to seal.
Please note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice:
According to a former regulator expert, the Ripple vs SEC case will “inevitably” be taken to the second circuit court. Pro-XRP legal experts predict a defeat for Ripple in the latest action.