Thursday, December 8, 2022
 

SEC Vs. XRP Endgame: SEC Files Under Seal to Resolve Lawsuit

  • SEC has filed the under seal for the Motion for Summary Judgment against Ripple.
  • On Thursday, SEC and XRP will meet and identify redactions to the briefs.
  • XRP traded down 5.19% in the past 24 hours at $0.3372 at the time of writing.

The U.S. Securities and Exchange Commission (SEC) has filed the under seal for the Motion for Summary Judgment against the Ripple defendants. The move comes after the District Judge, Analisa Torres, gave a nod to Ripple (XRP) and SEC to begin filing all materials relating to the summary judgment motions.

Defense lawyer, James K. Filan, shared the details of the summary judgment motions on Twitter.

As per the schedule declared by Judge Torres, on September 13, the parties were asked to file all materials relating to the summary judgment motions temporarily under seal, including Rule 56.1 Statement. Concurrently, the plaintiff also filed a declaration of Daphna A. Waxman which includes nearly 400 exhibits and sub-exhibits.

James further added that it, however, remains unclear whether the Memorandum of Law in support of the motion was filed together with the motion or whether the Rule 56.1 Statement was filed together with the declaration. SEC and XRP are expected to meet and identify redactions to the briefs supporting the summary judgment motions on Thursday, September 15.

Ripple was, however, not convinced and wrote in the response on Monday that the SEC has not made the necessary particularized demonstration. It has also not established any fact that the sealing is appropriate.

XRP traded down 5.78% in the past 24 hours at $0.3359 at the time of writing, according to data from CoinMarketCap.

For the uninitiated, Rule 56.1 requires movants for summary judgment to submit a short and concise statement that is in numbered paragraphs stating material facts.

  • SEC has filed the under seal for the Motion for Summary Judgment against Ripple.
  • On Thursday, SEC and XRP will meet and identify redactions to the briefs.
  • XRP traded down 5.19% in the past 24 hours at $0.3372 at the time of writing.

The U.S. Securities and Exchange Commission (SEC) has filed the under seal for the Motion for Summary Judgment against the Ripple defendants. The move comes after the District Judge, Analisa Torres, gave a nod to Ripple (XRP) and SEC to begin filing all materials relating to the summary judgment motions.

Defense lawyer, James K. Filan, shared the details of the summary judgment motions on Twitter.

As per the schedule declared by Judge Torres, on September 13, the parties were asked to file all materials relating to the summary judgment motions temporarily under seal, including Rule 56.1 Statement. Concurrently, the plaintiff also filed a declaration of Daphna A. Waxman which includes nearly 400 exhibits and sub-exhibits.

James further added that it, however, remains unclear whether the Memorandum of Law in support of the motion was filed together with the motion or whether the Rule 56.1 Statement was filed together with the declaration. SEC and XRP are expected to meet and identify redactions to the briefs supporting the summary judgment motions on Thursday, September 15.

Ripple was, however, not convinced and wrote in the response on Monday that the SEC has not made the necessary particularized demonstration. It has also not established any fact that the sealing is appropriate.

XRP traded down 5.78% in the past 24 hours at $0.3359 at the time of writing, according to data from CoinMarketCap.

For the uninitiated, Rule 56.1 requires movants for summary judgment to submit a short and concise statement that is in numbered paragraphs stating material facts.

 

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