Lawyer Reveals Key Documents in SEC vs Ripple Lawsuit

The SEC seals its concise rebuttal against Ripple; public release expected before May 8th. Ripple contests SEC's $2 billion penalty, proposes $10 million instead.

Azcnews Lawyer Reveals Key Documents In Sec Vs Ripple Lawsuit

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.

Ripple Vs Sec
Ripple Vs Sec

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

Xrp Faces Judgment Day
Xrp Faces Judgment Day

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.

(1 vote)

2.0/5

(1 vote)
  1. Avatar of
    Anonymous

    🤫🤫🤫

Comments are closed.

Latest

Xrp Lawyer Refutes The Biggest Lie In The Crypto Industry

News | Editor Choice | Policy & Regulations

XRP Lawyer Refutes the Biggest Lie in the Crypto Industry

Ripple lawyer Bill Morgan firmly refutes accusations that XRP lacks legal clarity, calling it “the biggest lie” in the crypto industry today.

How To Participate In Wump Airdrop

Airdrops | Editor Choice

How to Participate in Wump Airdrop

Join the airdrop hunt for the Wump project, inspired by Telegram projects but developed on the Discord platform.

Meta Drops Bitcoin Purchase Proposal, Zuckerberg May Be The Opponent

News | Bitcoin | Editor Choice

Meta Drops Bitcoin Purchase Proposal, Zuckerberg May Be the Opponent

Meta has rejected a proposal to include Bitcoin in its asset class, showing that the tech giant remains cautious about the cryptocurrency investment trend even as many large businesses are gradually joining the game.

Elon Musk Launches Xchat Inspired By Bitcoin

News | Bitcoin | Editor Choice

Elon Musk Launches XChat Inspired by Bitcoin

Elon Musk has just unveiled XChat — a new messaging feature on the X platform that integrates Bitcoin-level encryption and is developed using the Rust programming language, promising to set a new benchmark for security and privacy in digital messaging.

Price Prediction For Pi By The End Of 2025

Pi Network | Editor Choice

Price Prediction for PI by the End of 2025

According to CoinDCX, the price of PI Coin may see an uptrend by the end of this year and could recover to the range of $2 to $2.8.