Ripple’s attempt to keep evidence related to the SEC’s remedies briefing confidential has been met with opposition from the US Securities and Exchange Commission. The ongoing dispute between Ripple and the SEC shows no signs of progress towards a resolution. The recent regulatory action involved the SEC’s response to Ripple’s motion to seal and redact specific evidence regarding the parties’ briefing on remedies.
Ripple had previously requested that the court seal and redact financial reports, details on post-complaint XRP institutional sales, and other proprietary information, citing significant risks to Ripple Labs. However, the SEC has filed a response opposing Ripple’s request to conceal financial and securities sales information from the public. The SEC argues that this information is crucial to the desired remedies and should not be hidden.
While the SEC does not oppose the sealing of Ripple’s recent financial statements as a whole, it strongly disagrees with the company’s proposal to redact information about its revenues and expenses dating back to 2014. The SEC believes that this data is important for understanding Ripple’s XRP sales and is relevant to the legal process.
In the midst of this development, a prominent XRP investor known as Rzn sold approximately 29 million XRP to a centralized exchange in Luxembourg City. This transaction has sparked speculation about the future price movements of XRP and its cryptographic journey. Currently, XRP is priced at $0.5438, reflecting a 5.8% increase in the past 24 hours, and there has been a significant surge in trading volume, indicating growing interest among traders.
The legal dispute between Ripple and the SEC began in December 2020 when the SEC accused Ripple and its executives of unlawfully acquiring over $1.3 billion through an unregistered securities offering involving the sale of XRP. The case has gone through several revisions and entered its trial phase on April 23, 2024.
Overall, the dispute between Ripple and the SEC continues to escalate, with the SEC opposing Ripple’s motion to seal evidence from the public. The outcome of this legal battle will have significant implications for Ripple, XRP, and the cryptocurrency industry as a whole.
(Source: Cryptopolitan, Image: Ripple)
