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Cryptocurrency News Articles
SEC Tweaks Legal Brief in Ongoing Ripple Lawsuit
May 07, 2024 at 10:16 am
In the ongoing SEC lawsuit against Ripple, the SEC filed a sealed remedies reply brief and exhibits. Redacted versions will be released by May 8th, along with other sealing-related filings. May 13th will see parties filing omnibus motions to seal briefing materials, with challenges expected on May 20th. The SEC seeks $2 billion in penalties, while Ripple contends they should not pay more than $10 million. Ashley Prosper believes these replies may lead to a settlement, while Bill Morgan emphasizes the implications of a permanent injunction on Ripple's operations.
SEC Revises Remedies Brief Amidst Ongoing Ripple Lawsuit
In a recent development in the ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple Labs, the SEC has submitted a sealed remedies reply brief and supporting exhibits. The contents of these documents remain concealed from public view, but redacted versions are anticipated to be released on Wednesday, May 8.
Procedural Maneuvers
On May 7, a strategic session took place in the courtroom, where parties from both sides and third-party interveners negotiated the content of the redacted reply brief and exhibits. The parties designated portions of the documents as confidential or highly confidential, restricting their accessibility. The scrubbed versions intended for public consumption will be released tomorrow.
Additional Sealing Motions
A series of further filings related to the sealing of documents are expected to follow. By Monday, May 13, all parties will submit letter-motions seeking to seal additional briefing materials, such as briefs and declarations. Proposed redactions will also be presented.
On May 20, the parties will engage in letter-briefs challenging the proposed omnibus motions to seal. If the court grants their request, the redacted documents will be released within two weeks.
Ripple's Counterarguments
Amidst the procedural maneuvering, Ripple Labs continues to dispute the SEC's proposed disgorgement, interest, and penalties, amounting to nearly $2 billion. Ripple maintains that their liability should not exceed $10 million. Conversely, the SEC is prepared to justify its position, potentially leading to a permanent ban on Ripple's sales to overseas digital asset providers.
Settlement Prospects and Industry Implications
Legal experts speculate that the exchange of remedies briefs could pave the way for a potential settlement, particularly in light of the proposed penalties for XRP's institutional sales. However, settlement negotiations may extend until Judge Torres issues a final ruling, which is anticipated in September.
For Ripple Labs, the outcome of this lawsuit has significant implications for their business operations. Bill Morgan, a legal commentator, emphasizes the potential impact of a permanent injunction: "The stakes are higher than just fines here. If the judge restricts Ripple's activities, it could fundamentally alter how they conduct business."
The redacted remedies reply brief and exhibits, expected to be released on May 8, will provide further insight into the SEC's arguments and Ripple's response. The upcoming motions and hearings will continue to shape the legal landscape surrounding the future of Ripple and the cryptocurrency industry.
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