Ripple XRP Case: SEC Submits Remedies-Related Brief, Here’s What Ahead
The U.S. Securities and Exchange Commission (SEC) eventually filed its opening remedies-related brief and supporting documents in the long-running SEC v Ripple lawsuit. The federal court granted order to keep Ripple’s remedies-related discovery documents, such as detailed financial statements and post-complaint XRP institutional sales, sealed from public access.
US SEC Files Remedies-Related Brief in Ripple XRP Case
In a court filing dated March 22, the U.S. SEC submitted sealed opening remedies-related briefing after carefully reviewing the remedies-related discovery documents. The documents have details regarding Ripple’s financial reports, post-complaint XRP sales to institutional investors, and other crucial information.
The remedies-related briefing is not public yet, as Ripple and the SEC attorneys agreed that it will ensure prompt, public access to the parties’ briefs. Notably, a redacted version of briefs will be available for public access on March 26, after parties meet and confer to decide on facts that must remain confidential, as per the order by Judge Torres.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed, under seal, its opening remedies-related brief and supporting documents. These documents are not public yet. Public, redacted versions will be filed no later than Tuesday, March 26, 2024.
— James K. Filan
(@FilanLaw) March 22, 2024
What Are the Potential Judgments?
Pro-XRP lawyer Bill Morgan also reacted to the remedies-related briefing filed with judgment and proposed judgment. When asked about whether Judge Torres should fine Ripple based on these filings, he said “I assume it is the form of orders the SEC considers the Court should make.”
Notably, the SEC could argue on penalty for post-complaint XRP sales to institutional investors under Section 5 of the US Securities Act. Judge Torres could deliberate and rule on fines for violating laws due to XRP sales to institutional investors.
While an immediate settlement is unlikely, John Deaton earlier speculated a possible $10 million settlement. Meanwhile, the SEC will argue for a high amount based on remedies-related discovery details.
Ripple Vs SEC Lawsuit Key Dates
As reported by CoinGape, the XRP lawsuit to extend beyond the extended dates and a final decision can likely come next year. The parties proposed a new schedule for redactions after reply briefs, which means the tussle between the SEC and Ripple will continue beyond June.
- March 22: The SEC files its opening remedies-related brief and supporting declarations and exhibits under seal.
- March 25: Parties meet and confer to identify redactions
- March 26: The SEC files a public, redacted version of the brief as per redactions requested by parties and third parties
On April 22, a redacted version of its opposition brief and documents will be filed by Ripple. On May 6, the SEC to file its reply brief under seal. Furthermore, parties and third parties are to file letter motions and opposition related to sealing details in the filings until May 20.
Ripple CEO and CTO Support Ethereum
Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty expressed support for Ethereum and CFTC in their fight against the US SEC. The securities regulator opened investigations against Ethereum Foundation to classify Ether (ETH) as security, which the CFTC opposes on claims that ETH is a commodity.
Brad Garlinghouse said thewSEC will lose against ETH as they did against XRP. Stuart Alderoty also called for the US Congress to intervene.
Recall that Empower Oversight has also filed a new lawsuit against the U.S. SEC for failing to turn over documents on why former Director William Hinman and former SEC Chairman Jay Clayton claimed that ETH was not a security.
Meanwhile, XRP price trades over $0.61, down more than 2% in the last 24 hours. Traders remain skeptical amid a 40% drop in trading volumes in the last 24 hours.
Also Read:
- Ripple CTO Unveils Safer Practices As XRP Ledger AMM Goes Live
- KuCoin Emerges As First FIU-Compliant Global Crypto Exchange In India
- Five Days of Bitcoin ETF Outflows But BTC Price Shows Reversal Signs
The post Ripple XRP Case: SEC Submits Remedies-Related Brief, Here’s What Ahead appeared first on CoinGape.
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Ripple XRP Case: SEC Submits Remedies-Related Brief, Here’s What Ahead
The U.S. Securities and Exchange Commission (SEC) eventually filed its opening remedies-related brief and supporting documents in the long-running SEC v Ripple lawsuit. The federal court granted order to keep Ripple’s remedies-related discovery documents, such as detailed financial statements and post-complaint XRP institutional sales, sealed from public access.
US SEC Files Remedies-Related Brief in Ripple XRP Case
In a court filing dated March 22, the U.S. SEC submitted sealed opening remedies-related briefing after carefully reviewing the remedies-related discovery documents. The documents have details regarding Ripple’s financial reports, post-complaint XRP sales to institutional investors, and other crucial information.
The remedies-related briefing is not public yet, as Ripple and the SEC attorneys agreed that it will ensure prompt, public access to the parties’ briefs. Notably, a redacted version of briefs will be available for public access on March 26, after parties meet and confer to decide on facts that must remain confidential, as per the order by Judge Torres.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed, under seal, its opening remedies-related brief and supporting documents. These documents are not public yet. Public, redacted versions will be filed no later than Tuesday, March 26, 2024.
— James K. Filan
What Are the Potential Judgments?
Pro-XRP lawyer Bill Morgan also reacted to the remedies-related briefing filed with judgment and proposed judgment. When asked about whether Judge Torres should fine Ripple based on these filings, he said “I assume it is the form of orders the SEC considers the Court should make.”
Notably, the SEC could argue on penalty for post-complaint XRP sales to institutional investors under Section 5 of the US Securities Act. Judge Torres could deliberate and rule on fines for violating laws due to XRP sales to institutional investors.
While an immediate settlement is unlikely, John Deaton earlier speculated a possible $10 million settlement. Meanwhile, the SEC will argue for a high amount based on remedies-related discovery details.
Ripple Vs SEC Lawsuit Key Dates
As reported by CoinGape, the XRP lawsuit to extend beyond the extended dates and a final decision can likely come next year. The parties proposed a new schedule for redactions after reply briefs, which means the tussle between the SEC and Ripple will continue beyond June.
- March 22: The SEC files its opening remedies-related brief and supporting declarations and exhibits under seal.
- March 25: Parties meet and confer to identify redactions
- March 26: The SEC files a public, redacted version of the brief as per redactions requested by parties and third parties
On April 22, a redacted version of its opposition brief and documents will be filed by Ripple. On May 6, the SEC to file its reply brief under seal. Furthermore, parties and third parties are to file letter motions and opposition related to sealing details in the filings until May 20.
Ripple CEO and CTO Support Ethereum
Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty expressed support for Ethereum and CFTC in their fight against the US SEC. The securities regulator opened investigations against Ethereum Foundation to classify Ether (ETH) as security, which the CFTC opposes on claims that ETH is a commodity.
Brad Garlinghouse said thewSEC will lose against ETH as they did against XRP. Stuart Alderoty also called for the US Congress to intervene.
Recall that Empower Oversight has also filed a new lawsuit against the U.S. SEC for failing to turn over documents on why former Director William Hinman and former SEC Chairman Jay Clayton claimed that ETH was not a security.
Meanwhile, XRP price trades over $0.61, down more than 2% in the last 24 hours. Traders remain skeptical amid a 40% drop in trading volumes in the last 24 hours.
Also Read:
- Ripple CTO Unveils Safer Practices As XRP Ledger AMM Goes Live
- KuCoin Emerges As First FIU-Compliant Global Crypto Exchange In India
- Five Days of Bitcoin ETF Outflows But BTC Price Shows Reversal Signs
The post Ripple XRP Case: SEC Submits Remedies-Related Brief, Here’s What Ahead appeared first on CoinGape.
Read More