SEC Files Non-Public Reply Brief: Ripple Battle Continues
  • Defense attorney James Filan shared attachments related to X, revealing that the U.S. Securities and Exchange Commission (SEC) has filed remedies, briefs, and supporting documents.
  • Attachments to the post indicate that the parties are being asked to submit an omnibus letter motion to seal all materials related to the relief briefing.

A new twist in the SEC v. Ripple Labs legal battle has heightened interest as investors wait with bated breath for a definitive outcome that will guide their investment decisions. Updated the XRP community with attorney James Filan sharing an interesting file revealing that the SEC: It has been submitted Its remedies, reply brief, and supporting documents.

He said the edited public version is expected to be submitted on May 8, 2024. This may include corroborating exhibits that are not designated as confidential to either party or third party under the protective order.

@SECGov has filed a response summary of remedies and supporting evidence under seal. These documents have not yet been published. Edited published versions are due by Wednesday, May 8, 2024. Other sealing-related submissions will follow.

Additionally, both parties and third parties will be required to file an omnibus letter motion as part of the process to seal materials related to the relief briefing. In that case, related parties will also have to submit editing proposals for the materials.

As part of the demands outlined in the shared document, Ripple, the SEC, and third parties have until May 20 to file briefs in opposition to the omnibus letter’s motion to be sealed. Finally, all interested parties must submit redacted public versions of all documents within 14 days of publication. Judgment on the Omnibus Seal Movement.

Previous coverage of Ripple and SEC legal showdown

This development follows recent reports that the parties were unable to find common ground regarding Andrea Fox’s statement (the Fox Declaration). Ripple initially claimed the testimony expressed an unsolicited expert opinion, but the SEC labeled the process “standard summary evidence in support of disgorgement calculations.”

According to the SEC, the “Fox Declaration” is comprised of information obtained from documents generated by Ripple. This includes tax returns and financial statements, which are considered critical in determining the outcome of the case. However, Ripple argues that the commission failed to show that the Fox declaration was summary evidence rather than expert testimony.

Fox is an expert because he claims to use technical or other expertise to assist fact finders in understanding evidence or determining the facts of an issue. She doesn’t just apply basic arithmetic to Ripple’s financial records like the SEC does. claims.

Prior to that, the SEC had sought fines and fines totaling $2 billion. Crypto News Breaking. However, in Ripple’s counteroffer, the maximum penalty was only $10 million.

XRP price analysis

Against the backdrop of this legal showdown, XRP has failed to break above the 50-day EMA and 200-day EMA, indicating a bearish signal. This is also evident on the 24-hour chart. 0.9% It fell to trade at $0.538.

However, if the asset breaks above the 50-day EMA, it is expected to target resistance at $0.5739. A breakout of the $0.5739 resistance level could guarantee a continued rally to $0.6. In addition to this, analyzing the 4-hour chart reveals that XRP is positioned above the 50-day EMA and below the 200-day EMA. As explained by the analyst, this is a bullish signal in the short term, but confirms that it is a bearish signal in the long term.

Recommended for you:

Related Article


Leave a Comment