The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has taken a new turn, underscoring the escalating conflict between the two parties. In a recent move, Ripple responded by filing a letter to support its motion to seal data on the SEC document for judgment and remedies. The documents, released by attorney James K. Filan on May 29th, reveal Ripple’s efforts to secure its position in the case.
Ripple’s response letter further supports its motion to seal documents related to the SEC’s request for judgment and remedies. The legal expert, James K. Filan, shared the news on Twitter, emphasizing Ripple’s proactive stance in the litigation.
Initially, Ripple sought to seal and redact certain evidence and financial documents requested by the SEC. However, the SEC opposed Ripple’s request, arguing that the financial and securities sales information is crucial to the arguments presented by both parties and could influence the court’s decision on remedies.
The SEC’s latest response in the Ripple XRP case marks a significant moment in the ongoing legal dispute. This development comes after years of litigation and signifies a critical juncture in the cryptocurrency industry.
In its statement, the SEC strongly refutes Ripple’s defense, which claims that there is no “generalized uncertainty” regarding the legal status of XRP. The commission argues that despite Ripple’s past compliance, there is no guarantee that future violations will be avoided.
According to recently filed documents, Ripple has attempted to mitigate its liability by highlighting its cooperation with the SEC since the initial issuance of XRP in 2013.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Brad Garlinghouse, the CEO of Ripple, envisions a bold future for XRP, predicting a price increase to $5. The SEC’s president reaffirms that most cryptocurrencies are considered securities, adding to the anticipation surrounding the decision on the Ethereum ETF.
