SEC Ramps Up Ripple Case as XRP Plummet, Latest Updates

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SEC Ramps Up Ripple Case as XRP Plummet, Latest Updates

Last updated on May 18th, 2024 at 12:20 pm

The ongoing legal tussle between Ripple and the US Securities and Exchange Commission (SEC) has taken yet another intriguing turn.

Following a joint proposal to address document sealing concerns, both parties are gearing up for the next phase of proceedings. This move is directly linked to upcoming briefings regarding remedies, further adding to the complexity of the case.

READ ALSO: Ripple vs. SEC: Judge Torres Contemplates Fair Extension in XRP Lawsuit Battle

SEC’s Latest Move

Renowned attorney James Filan shed light on the latest development: the SEC has initiated fresh filings as part of the upcoming court proceedings. These filings include the commission’s opening remedies brief and supporting documents, although these materials remain confidential.


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However, the SEC is expected to release a public, redacted version by March 26, 2024. Before this unveiling, both sides will convene on March 25 to discuss and determine necessary redactions, as outlined in their joint proposal to ensure timely public access to case documents.

READ ALSO: David Schwartz Describes How Ripple Can Burn Over 40 Billion XRP Held in Escrow

XRP’s Rocky Ride

Meanwhile, amidst the legal maneuvers, Ripple’s native cryptocurrency, XRP, is grappling with its challenges. Over the past week, XRP has witnessed a 3% decline, with a further 4% drop recorded in the last 24 hours alone.

Currently trading at an average of $0.62, XRP’s 24-hour trading volume has plummeted by 40%, settling at $1.61 billion. Despite slipping to the 6th position, the token maintains a substantial market cap of $34 billion.

Upcoming Timeline

Looking ahead, the timeline for the case indicates significant milestones. By March 26, the SEC is slated to unveil the public, redacted version of its brief, incorporating provisional redactions agreed upon during the prior meet and confer session. Additionally, supporting exhibits will be filed.

Come April 22, Ripple will present its opposition brief and supporting materials, provided they do not include SEC-designated Confidential or Highly Confidential materials. Any such inclusion would necessitate filing under seal by April 23.

READ ALSO: Ripple Transfers 180 Million XRP Amid Price Drop

By May 6, 2024, the SEC will file its reply brief, again under seal. However, a redacted version will be available by May 8, following a confer meeting on May 7 to finalize redactions.

Ultimately, both parties will proceed to file omnibus letter motions, sealing all materials associated with proposed redactions, concluding a chapter in this ongoing legal saga.

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