that much long legal battle Between Securities and Exchange Commission (SEC) Ripple is one step closer to completion with the committee’s latest submission. The court is expected to issue a ruling soon as both parties have submitted all necessary documents.
What are the latest filings with the SEC?
The committee letter Opposes Ripple’s motion to seal certain documents related to the resolution phase. To meet previous reportThe SEC noted that it does not object to Ripple’s request in its entirety. In response to the opposing redactions, the committee argued that the cryptocurrency company failed to “overcome the strong presumption that court documents should be made public.”
The regulator noted that the material it objected to redacting was “fundamental to the basis for the redactions.” RELIEF REQUIRED BY SEC.” The SEC also noted that Ripple asked the public to weigh in on the merits of the Commission’s position. Therefore, cryptocurrency companies cannot “simultaneously hide” from the public the evidence that underlies the SEC’s position.
The SEC also argued that Ripple’s argument that failure to redact these documents could harm its business does not remove the burden of proof for the crypto company to demonstrate “exceptional circumstances” justifying sealing or redacting them. Ripple also cited: Previous examples of the incident If the court agrees to certain requests for sealing and redaction.
But the committee claims it is not “justified”. Ripple’s request Because I was trying to distinguish the previous event from the event at hand. First, they noted that the court’s previous rulings on redactions were “in the context of specific submissions and not in relation to the rest of the case.” Unlike then, the financial information the company sought to keep sealed and the terms of the offer “are now central to the rescue decision,” the SEC said.
Second, the SEC argued that the documents Ripple was seeking to seal were documents that were legally required to be made public after the court made them public. already ruled The institutional sale of the company was an investment contract. Finally, the committee argued that these documents were already “old” and therefore there was no need to hide them.
When is a final judgment on Ripple expected?
Judge Annalisa Torres Since both sides have submitted their respective opinions, it is expected that a final decision will be made soon. Reservation order. But before that, the judge must rule on the following: Sealing action of ripple Decide whether your crypto company’s financial information should be made public.
Following the ruling, ripple You have 14 days to file a published or redacted version (depending on the court’s decision) of the document in question. After this is completed, the court can issue a final ruling. The SEC proposal Judge Torres ordered a fine of nearly $2 billion against Ripple.
Meanwhile, Ripple Oppose It proposed proposed relief and asked the court to limit the proposed fine to $10 million.
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