In a key development in the legal battle between the United States Securities and Exchange Commission (SEC) and Ripple, prominent attorney James Filan recently revealed that the regulator has sealed the pay summary latest statement with supporting evidence.
Importantly, these documents remain confidential for the public version, which is expected to be published before May 8, 2024.
Latest news about SEC vs Ripple: Secret evidence revealed
The sealed documents allegedly contain the SEC’s rebuttals to Ripple’s objections to the initial remedies proposed by the regulator. This incident follows the important decision of Judge Analisa Torres last July. She concluded that Ripple violated federal securities laws through its sale of XRP to institutional investors.
Previously, the SEC proposed a $2 billion fine for Ripple, a figure that the company strongly opposed. Ripple’s legal team argued that the amount requested was too high for the alleged violations.
Instead, Ripple proposed a significantly lower fine of $10 million, challenging the need for injunctive relief and relief as proposed by the SEC.
Ripple is committed to complying with that guidance going forward and is willing to do so with full determination. The SEC’s draconian redress requirements are not well defined in law or principle. The court should deny the SEC’s requests for injunction, rescission, and pretrial benefits, and should impose impose a civil penalty not to exceed $10 million,” the notice read.
The session has been scheduled
During the legal process, both sides carefully review and redact sensitive information in the file. This includes a comprehensive meeting and exchange scheduled for May 7, 2024. Here, the parties will discuss the necessary editorial measures to protect confidential information, comply with determination of a protective order from the court.
Related: Whales Increase XRP Buying Ahead of SEC Ruling
This phase will culminate in the mailing of motions by consolidated mail by May 13. Their purpose is to seal all documents related to the summary of remedies. This will be followed by protests against the sealing moves, expected on May 20.
The case continues to attract special attention. It had an impact on Ripple and their operations, and set a precedent for cryptocurrency regulation under US securities laws.
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