In the ongoing legal tussle between blockchain payment protocol Ripple and the U.S. Securities and Exchange Commission (SEC), the countdown has begun for the unsealing of summary judgment documents.
According to a tweet by attorney James K. Filan, following the court's order dated September 12, 2022, the concerned parties have a window of 21 days to file public, redacted versions of these critical documents. The due date for the submission is slated to be June 6.
The regulatory agency alleges that Ripple Labs, the company associated with the XRP cryptocurrency, conducted an unregistered securities offering by selling XRP. Ripple Labs has fought back, arguing that XRP is not a security but a cryptocurrency, much like Bitcoin or Ethereum. The unsealing of summary judgment documents is expected to provide greater clarity on the arguments put forward by both parties in this high-stakes case.In the midst of an escalating legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple Labs recently celebrated a minor victory in the name of transparency. Ripple CEO Brad Garlinghouse announced that the court has ruled for the unsealing of unredacted emails from former SEC official William Hinman.
Adding fuel to the already charged atmosphere, Garlinghouse recently accused the SEC of hypocrisy in its public statements regarding the case.
Garlinghouse and other crypto industry leaders are expressing frustration at the SEC's nebulous stance on cryptocurrency regulation, claiming it's hindering the burgeoning sector's growth.