Ripple XRP Case: SEC Submits Remedies-Related Brief, Here’s What Ahead

The U.S. Securities and Exchange Commission (SEC) eventually filed its opening remedies-related brief and supporting documents in the long-running SEC v Ripple lawsuit. The federal court granted order to keep Ripple’s remedies-related discovery documents, such as detailed financial statements and post-complaint XRP institutional sales, sealed from public access.

US SEC Files Remedies-Related Brief in Ripple XRP Case

In a court filing dated March 22, the U.S. SEC submitted sealed opening remedies-related briefing after carefully reviewing the remedies-related discovery documents. The documents have details regarding Ripple’s financial reports, post-complaint XRP sales to institutional investors, and other crucial information.

The remedies-related briefing is not public yet, as Ripple and the SEC attorneys agreed that it will ensure prompt, public access to the parties’ briefs. Notably, a redacted version of briefs will be available for public access on March 26, after parties meet and confer to decide on facts that must remain confidential, as per the order by Judge Torres.

#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed, under seal, its opening remedies-related brief and supporting documents. These documents are not public yet. Public, redacted versions will be filed no later than Tuesday, March 26, 2024.

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 22, 2024

What Are the Potential Judgments?

Pro-XRP lawyer Bill Morgan also reacted to the remedies-related briefing filed with judgment and proposed judgment. When asked about whether Judge Torres should fine Ripple based on these filings, he said “I assume it is the form of orders the SEC considers the Court should make.”

Notably, the SEC could argue on penalty for post-complaint XRP sales to institutional investors under Section 5 of the US Securities Act. Judge Torres could deliberate and rule on fines for violating laws due to XRP sales to institutional investors.

While an immediate settlement is unlikely, John Deaton earlier speculated a possible $10 million settlement. Meanwhile, the SEC will argue for a high amount based on remedies-related discovery details.

Ripple Vs SEC Lawsuit Key Dates

As reported by CoinGape, the XRP lawsuit to extend beyond the extended dates and a final decision can likely come next year. The parties proposed a new schedule for redactions after reply briefs, which means the tussle between the SEC and Ripple will continue beyond June.

• 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 third parties are to file letter motions and opposition related to sealing details in the filings until May 20.

Ripple CEO and CTO Support Ethereum

Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty expressed support for Ethereum and CFTC in their fight against the US SEC. The securities regulator opened investigations against Ethereum Foundation to classify Ether (ETH) as security, which the CFTC opposes on claims that ETH is a commodity.

Brad Garlinghouse said thewSEC will lose against ETH as they did against XRP. Stuart Alderoty also called for the US Congress to intervene.

Recall that Empower Oversight has also filed a new lawsuit against the U.S. SEC for failing to turn over documents on why former Director William Hinman and former SEC Chairman Jay Clayton claimed that ETH was not a security.

Meanwhile, XRP price trades over $0.61, down more than 2% in the last 24 hours. Traders remain skeptical amid a 40% drop in trading volumes in the last 24 hours.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.