U.S. lawyer and former federal prosecutor James K. Filan, who closely tracks the SEC case against Ripple Labs since it began two years ago, has taken to Twitter to share a new update on the case.
He shared that the legal team of Ripple has responded to the recent motion of the regulator to redact some of the documents it had filed in relation to summary judgment. Apparently, this is documentation indirectly related to Dr. Hinman's emails.
Ripple objects to motion to seal documents
According to the Dropbox link for the document shared by Filan in his tweet, Ripple has opposed the SEC's motion to seal the documents it had previously submitted in relation to the parties' Cross-Motions for Summary Judgment.
In the letter, Ripple defendants stated that since the case has entered the stage of summary judgment, it is vitally important that the judicial documents be accessible to the public.
In this particular case, according to the letter, the regulator's legal team seeks to seal the names and identifying information of witnesses "whose testimony the SEC intends to rely upon to prove its case, without identifying any compelling interest suggesting that secrecy is necessary."
#XRPCommunity #SECGov v. #Ripple #XRP The Ripple Defendants have filed their Response in Opposition to the SEC’s Motion to Seal certain documents filed in connection with the parties’ Cross-Motions for Summary Judgment.https://t.co/5eljOdblxR— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) January 9, 2023
Ripple case expected to resolve this year
As reported by U.Today, both Ripple and the SEC had handed in their motions for summary judgment. In December, they submitted their redacted replies to support their aforementioned motions.
The settlement of the case, as many expect, including the chief of Ripple and one of the defendants Brad Garlinghouse, would happen in the first quarter of 2023. However, founder of CryptoLaw John Deaton reckons that a verdict, rather than settlement, is likely for the Ripple-SEC case, because of the Hinman emails that the SEC is doing its best not to turn over to the court.
According to attorney Jeremy Hogan, who often comments on the aforementioned case and updates related to it, in case Ripple loses the case to the regulatory agency, XRP may lose 25% of its utility. This figure was brought up since XRP would be banned in the U.S., and America provides 25% of global economic activity.
Earlier, Ripple chief Garlinghouse stated that if Ripple loses to the SEC, it would have to leave the U.S. and move its headquarters to a crypto-friendly jurisdiction. Back then, Ripple looked at Japan, the UAE and some other countries to settle and work in.