The SEC v. Ripple legal battle is approaching a crucial milestone on May 20. This is when both parties, as well as other third parties involved, will submit their opposition briefs in response to the omnibus sealing motions.
The end of the SEC v. Ripple lawsuit is drawing near, with the involved parties and other third parties expected to file their opposition briefs against the omnibus sealing motions in the near future.
According to the court’s remedies scheduling order, the parties have until May 20 to submit their opposition briefs, marking an important date in the lawsuit.
Ripple, in its request to the court, asked for certain exhibits to be sealed in order to protect its confidential business information and the interests of its partners and third parties. The company also sought redactions to specific information within the remedies-related briefs, particularly regarding its audited financial records and other documents.
Specifically, Ripple wants the court to seal the exhibits related to the discounts offered to institutional buyers of XRP. During a meeting prior to filing the motion on May 13, the SEC’s lawyers disagreed with this request, arguing that the document is relevant to their remedies-related brief.
Ripple, on the other hand, argued that only the contract and discounts are relevant to the SEC’s brief, stating that the financial and pricing terms are completely irrelevant to the regulatory agency’s arguments.
It is expected that the SEC will oppose the sealing of the discounts offered to XRP institutional buyers in its upcoming brief. The regulatory agency may also counter Ripple’s arguments regarding the sealing of certain portions of its financial records. Additionally, third parties may also file their oppositions to the sealing motions.
Once the opposition briefs are filed, the court will make a ruling on the omnibus sealing motion, determining which information and exhibits should be sealed. This ruling could come at any time after the briefs are submitted.
Following the court’s ruling, the parties will be required to file redacted versions of these documents in the public docket within 14 days.
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