Breaking: US SEC May Win Against Ripple In XRP Sales Discovery Requests

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Judge Torres Considers Extending XRP Lawsuit Fair Enough – Crypto News

Published

1 year ago

March 21, 2024

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Ripple Labs and the U.S. Securities and Exchange Commission (SEC) filed in federal court to keep Ripple’s remedies-related discovery documents, such as detailed financial statements and post-complaint XRP institutional sales, sealed from public access. A federal judge granted an order for the revised schedule and redaction in the remedies-related briefing.

Judge Torres Grants Order on Sealing Remedies-Related Briefing

According to a court filing dated March 20, Judge Analisa Torres granted order on a joint motion by Ripple Labs and the SEC governing sealing issues related to the upcoming remedies-related briefing. Torres considered the extension of XRP lawsuit as per new dates fair enough to resolve disputes between the parties.

Defendants and plaintiff’s attorneys believe the proposal will ensure prompt, public access to the parties’ briefs, with some redactions, as reported by CoinGape. Ripple, the SEC, and third parties will discuss redaction requirements, with key details concealed from XRP army and crypto community.

While experts believe there is not much in the case after Judge Torres characterized XRP itself as not a security, post-complaint XRP sales remain the focus primarily. The extension of the SEC v. Ripple Labs lawsuit has a potential impact on XRP price.

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New Dates in the Ripple Vs SEC Lawsuit

The parties have proposed a schedule for redactions after reply briefs, which means the confer and tussle to continue beyond May 6.

March 22: The SEC files its opening remedies-related brief and supporting declarations and exhibits under seal.
March 25: Parties meet and confer to identify redactions
March 26: The SEC files a public, redacted version of the brief as per redactions requested by parties and third parties

On April 22, a redacted version of its opposition brief and documents will be filed by Ripple. On May 6, the SEC to file its reply brief under seal. Furthermore, parties and their parties to file letter motions and opposition related to sealing details in the filings until May 20, with the SEC’s objections to Ripple and other unforeseen filing extending the lawsuit further.

Moreover, Judge Torres could deliberate and rule on the SEC’s arguments on penalty for post-complaint XRP sales to institutional investors under Section 5 of the US Securities Act. Unless Ripple and SEC reach a settlement deal, as anticipated by lawyers.

Thus, the lawsuit will continue to run for more months ahead with the final judgment by Judge Torres likely coming next year. Judge Torres takes more for summary judgment, similar to the July 13, 2023 decision that XRP is not a security.

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XRP Price Amid Expiry

XRP price climbed 3% in the past 24 hours, with the price currently trading at $0.60. The 24-hour low and high are $0.571 and $0.618, respectively. However, the trading volume has further decreased by 16% in the last 24 hours, indicating a lack of interest among traders.

XRP options and futures are positive despite the recent drawdown in prices. Total XRP futures open interest jumped over 5% in the last 24 hours, but trades remained muted in past 4 hrs and 1 hr, as per CoinGlass data.

Source: CoinGlass

Deribit XRP options data indicate calls for $0.80 and $0.95 before March end. However, there is not much support from the market for further upside with local resistance at $0.74. The March 29 expiry will be key for the broader crypto market sentiment.

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