The ongoing legal clash between Ripple and the US Securities and Exchange Commission (SEC) took a new turn as the agency submitted a remedies reply brief under seal. This move indicates a significant advancement in the case’s phase focusing on determining potential penalties for Ripple if the SEC proves its claims of unauthorized securities transactions involving XRP cryptocurrency.
Ripple vs. SEC: Key Events and Timeline
James K. Filan, a former defense attorney closely following the case, updated the XRP community about the latest by revealing that the SEC filed its remedies reply brief under seal, with public versions expected to be available by May 8, 2024. Discussions are ongoing to decide what information will remain confidential and what will be made public.
The SEC is set to unveil a redacted version of the reply brief on May 8, following discussions with Ripple and third parties to determine necessary redactions. Further motions to seal related documents are planned for May 13, with parties submitting proposed redactions to these materials.
Both Ripple and the SEC are at odds over the potential penalties, with the SEC aiming for $2 billion in fines while Ripple suggests a maximum penalty of $10 million. Ripple contests the SEC’s injunction and disgorgement demands, arguing against disproportionate penalties compared to similar cases.
The ongoing dispute includes a battle over expert witness Andrea Fox’s testimony, with Ripple challenging the SEC’s characterization of her expert declaration. Legal experts believe the court is likely to recognize Fox as an expert witness despite Ripple’s objections.
As of the latest update, XRP was trading at $0.53761.
