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As the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues, the deadline for the last sealing-related filing in the Remedies Phase has arrived.
This is a huge step forward in a lawsuit that has captured the attention of the crypto community. The case, which began in December 2020, revolves around the SEC's allegations that Ripple conducted an unregistered securities offering through the sale of XRP. Ripple won a victory in July last year, when the court ruled that XRP was not a security in and of itself, but that certain institutional XRP sales constituted unregistered securities offerings.
According to the earlier released joint schedule, on May 20, 2024, both Ripple and SEC and any third parties are expected to file letter briefs in opposition to omnibus letter motions to seal. This marks the last deadline indicated on the joint proposal agreed to by both parties.
Also under the joint proposal, the parties will further be required to file public, redacted versions of all documents within 14 days of the court rulings on the omnibus sealing motions.
As the deadline for the last sealing-related filing in the remedies phase of the Ripple v. SEC lawsuit arrives, the case moves closer to a final resolution.
On March 22, the SEC filed a request for remedies of roughly $2 billion against Ripple for institutional XRP sales with the court. Ripple responded to the SEC's request on April 22, arguing that a penalty of no more than $10 million was justified in this situation. The SEC responded to Ripple's brief on May 6.
In terms of next steps, both Ripple and SEC will await the judge's ruling on the final remedies.
Tomiwabold OlajideWhile the exact time frame of the judge's judgment is unknown, Ripple's recent statements indicate that they expect a resolution within the next few months.
Vladislav Sopov
Dan Burgin
Alex Dovbnya