The ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has taken a new turn, indicating the escalating conflict between the two parties. In a recent move, Ripple has filed a response letter to further support its motion to seal data on the SEC document for judgment and remedies.
Attorney James K. Filan released the documents on May 29th, stating that Ripple has filed a response letter in further support of its motion to seal documents in connection with the SEC’s motion for judgment and remedies.
Initially, Ripple sought to seal and redact certain evidence and financial documents requested by the regulator. However, the SEC objected to Ripple’s request, arguing that the financial and securities sales information should not be withheld as it is crucial to the arguments presented by both parties and could influence the court’s decision on remedies.
The SEC’s latest response in the Ripple XRP case marks a significant moment in the ongoing legal battle between Ripple Labs and the SEC. The commission strongly refutes Ripple’s defense, claiming that there is still uncertainty regarding the legal status of XRP, even after previous court decisions that did not favor Ripple’s argument of “fair warning.” The SEC argues that past compliance does not guarantee future violations will be avoided.
In an attempt to minimize its liability, Ripple has emphasized its cooperation with the SEC since the initial issuance of XRP in 2013, according to recently filed documents.
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