The next important date in the SEC v. Ripple lawsuit is May 20, when the parties are expected to file their opposition to the omnibus sealing motions.
The legal tussle between the SEC and Ripple is edging close to its end, with the parties and other third parties expected to file their letter briefs in opposition to the omnibus sealing motions soon.
According to the court’s remedies scheduling order, the parties will file their respective opposition briefs by May 20, which is now set as the next important date of the lawsuit.
Ripple Request to Seal Its Confidential Business Information
As reported earlier, Ripple asked the court to seal specific exhibits to protect its confidential business information and the legitimate interests of its partners and other third parties.
Additionally, the company sought limited redactions to certain information within the remedies-related briefs, specifically those related to its audited financial records and other documents.
In particular, the crypto payments company wants the court to seal the exhibits related to the discounts offered to institutional buyers of XRP. During the meeting held before Ripple filed the motion on May 13, the SEC’s counsels disagreed with the request, emphasizing that the document is relevant to its remedies-related brief.
Conversely, Ripple stated that only the contract and discounts are relevant to the SEC’s brief. As a result, it pointed out that the terms of financial and pricing are completely irrelevant to the regulatory agency’s arguments.
Potential SEC Opposition
With May 20 set as the date for filing opposition to the omnibus letter-motion to seal, the SEC is expected to highlight why it wants the discounts offered to XRP institutional buyers to be filed in the public docket.
The regulatory agency could also counter Ripple’s arguments regarding the sealing of certain portions of its financial records in the upcoming brief. In addition, third parties could also file their respective oppositions to the omnibus letter-motion to seal.
After the filing, the court would rule on the omnibus sealing motion, thus determining which information and exhibits should be sealed.
Notably, the court’s ruling on the omnibus sealing motion could come at any time, specifically after the opposition briefs are filed.
Afterward, the parties are expected to file redacted versions of these documents in the public docket within 14 days of the court’s ruling on the omnibus sealing motion.
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