Ripple v. SEC: May 20 Deadline for Opposition to Sealing Motions

Ripple v. SEC: May 20 Deadline for Opposition to Sealing Motions

The SEC and Ripple are approaching a significant milestone in their ongoing lawsuit. On May 20, both parties and third parties are expected to file their opposition to the omnibus sealing motions. According to the court’s remedies scheduling order, these opposition briefs mark the next crucial date in the case.

Earlier, Ripple requested the court to seal specific exhibits to protect its confidential business information and the interests of its partners and other third parties. The company also sought limited redactions within the remedies-related briefs, especially those pertaining to its audited financial records and other documents. Ripple specifically aims to seal exhibits related to the discounts offered to institutional buyers of XRP. 

Disagreement Over Relevance

During a meeting on May 13, the SEC’s counsels opposed Ripple’s request, arguing that the document is relevant to its remedies-related brief. Ripple countered that only the contract and discounts are relevant, asserting that the financial and pricing terms are irrelevant to the SEC’s arguments.

Related article: Ripple-SEC Lawsuit: Today’s Developments and Future Steps

The SEC is expected to file its opposition on May 20, likely arguing for the inclusion of the discounts offered to XRP institutional buyers in the public docket. The regulatory agency may also challenge Ripple’s desire to seal portions of its financial records. Third parties could join in, filing their oppositions to the omnibus letter-motion to seal.

Court’s Ruling On Sealing Motion

After the opposition briefs are filed, the court will rule on the omnibus sealing motion. This decision will determine which information and exhibits should remain sealed. Notably, this ruling could come at any time after May 20.

Related article: Ripple v SEC : Disgorgement Controversy Explained

Following the court’s ruling, the parties will file redacted versions of these documents in the public docket within 14 days. This process will protect confidential information while providing transparency in the ongoing legal battle between Ripple and the SEC.

The next significant event in the Ripple v. SEC lawsuit is the filing of opposition briefs to the omnibus sealing motions on May 20. This step will set the stage for the court’s ruling on what information remains confidential, edging the legal tussle closer to its conclusion.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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