The US Securities and Exchange Commission-SEC and Ripple are again at each other over the sealing of certain documents filed by the agency.
In a most recent development in SEC-RIPPLE lawsuit, the securities watchdog filed a motion with the court seeking to seal the portion of its August 30th filings, on August 30th the SEC had submitted documents to the court that contained information through which agency’s proposed witnesses could be identified.
The SEC has asked the court to seal portions of filings so that the identities of the witnesses could be protected. The agency reasoned that if the identities are disclosed it could result in witnesses’ harassment.
On Monday, September 12th, Ripple filed the response to SEC’s motion as the defendant argued against the agency’s motion stating that the securities watchdog “has not made the necessary particularized demonstration of fact” that the motion could be granted.
Silver lining in yesterday’s proceeding, however, was that the joint letter filed by both the parties, SEC and Ripple, that specified schedules for redactions concerning sealing issues, was approved by the court. Part of Ripple’s legal team James K.Filan commented that the development indicates that both parties are moving to finally resolve the lawsuit.
#XRPCommunity #SECGov v. #Ripple #XRP District Judge Torres has approved the parties’ joint scheduling proposal to govern sealing issues relating to the upcoming summary judgment motions. pic.twitter.com/Tm34kZwi2f
— James K. Filan
111k (beware of imposters) (@FilanLaw) September 12, 2022
It is to be reminded that the San-Francisco-based blockchain firm Ripple was struck with the SEC lawsuit on December 22nd 2021. The securities watchdog alleged that the firm sold over a billion dollars’ worth of XRP token as securities, despite not being registered with any of the appropriate state agencies.
Firm’s Co-founder Chris Larsen and CEO Brad Garlinghouse were also made part of the lawsuit by the SEC.
Moreover, currently trading fractionally above $0.35, Ripple’s native XRP is up 0.3% in the day and 6% over the week.