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- Defense attorney James Filan shares an attachment on X, disclosing that the US Securities and Exchange Commission (SEC) has filed its remedies, reply brief, and supporting documents.
- The post’s attachment shows that both parties are demanded to file an Omnibus letter motion to seal all materials related to the remedies-related briefing.
The SEC vs Ripple Labs legal battle takes a new twist, sparkling interest as investors, with bated breath, await a conclusive outcome to guide their investment decisions. Updating the XRP community, defense attorney James Filan shared an interesting file, disclosing that the SEC has filed its remedies, reply brief, and supporting documents.
According to him, the publicly redacted versions would be filed on May 8, 2024. This may include any supported exhibit not designated for either party or a third party as confidential under the protective order.
The @SECGov has filed, under seal, its remedies reply brief & supporting exhibits. These documents are not yet public. Public, redacted versions will be filed by Wednesday, May 8, 2024. Other sealing-related filings will follow.
On top of that, both parties and third parties are required to file an Omnibus letter motion as part of the process of sealing the materials relating to the remedies-related briefing. With that happening, parties involved would have to also file a proposed redaction to the material.
As part of the demand captured in the shared document, Ripple, SEC and third parties must file opposition briefs to the omnibus letter motions to seal by May 20. Finally, all parties involved must file public, redacted versions of all documents within 14 days of the rulings of the omnibus sealing motions.
Earlier Reports Surrounding Ripple and SEC Legal Showdown
This development comes following recent reports that both parties have failed to find common ground on a statement from Andrea Fox (Fox Declaration). Initially, Ripple argued that the testimony was a representation of unsolicited expert opinion while SEC labels the process as “standard summary evidence in support of calculations for disgorgement.”
According to the SEC, the “Fox Declaration” is made up of information obtained from documents generated from Ripple. This includes tax returns and financial statements believed to be very crucial in determining the outcome of the case. However, Ripple maintains that the Commission failed to show that the Fox Declaration is summary evidence rather than expert testimony.
Fox is an expert because she purports to use technical or other specialized knowledge to help the trier of fact to understand the evidence or to determine a fact in issue. She does not merely apply basic arithmetic to Ripple’s financial records, as the SEC contends.
Prior to that, the SEC sought a fine and penalties totaling $2 billion according to a Crypto News Flash report. However, a counter-proposal from Ripple suggested a maximum penalty of just $10 million.
XRP Price Analysis
Amid the backdrop of this legal showdown, XRP has failed to break above the 50-day and 200-day EMAs, indicating a bearish signal. This is also evident in its 24-hour chart indicating a 0.9% decline to trade at $0.538.
However, the asset is expected to target the $0.5739 resistance level once it breaks above the 50-day EMA. Breaching the $0.5739 resistance level could also guarantee a continuous move to $0.6. In addition to this, analyzing the 4-hourly chart led to the discovery that XRP was positioned above the 50-day EMA and below the 200-day EMA. As explained by analysts, this confirms a bullish near-term, but a bearish longer-term signal.
