Bitrabo Editorial
After a series of legal actions, the battle between Ripple and the Securities and Exchange Commission (SEC) is reaching its conclusion following the latest filing from the Commission. The court is now expected to provide its final ruling as both sides have submitted all necessary documents.
SEC’s Recent Filing Details
The SEC filed a letter contesting Ripple’s motion to seal specific documents related to the remedies stage. While the SEC did not oppose all of Ripple’s requests, it argued that the crypto company failed to justify the necessity of redacting certain materials, as court filings are generally considered public information. The SEC stressed that the documents in question are crucial to understanding their requested remedies and that Ripple had encouraged public opinion on the SEC’s stance, hence should not conceal the evidence behind it.
Ripple claimed non-disclosure could harm its business but the SEC maintained that this does not relieve them of proving “exceptional circumstances” to seal or redact the documents. Additionally, the SEC pointed out that previous court-approved redactions were for different filings and not applicable to the current situation, where the undisclosed financial information and offering terms are central to the remedies decision.
Anticipated Conclusion of the Ripple Case
Judge Analisa Torres is expected to deliver the final judgment soon, given that all briefs have been submitted in compliance with the scheduling order. Prior to the judgment, the court will address Ripple’s motion for sealing to determine the public release of the company’s financial data. After a ruling on this matter, Ripple must provide a public or redacted version of the disputed documents within fourteen days before the final judgment is issued. The SEC has suggested a substantial fine of nearly $2 billion against Ripple, while the company is advocating for a much lesser penalty of $10 million.