A recent development in the long-running Ripple-SEC lawsuit indicates that only some details about the case will be made public.
The SEC must file its position by June 14th.
The Securities and Exchange Commission filed a brief with the court in response to the Movants’ application for permission to file an amicus reply. Ripple asked the court to make its response public. The court, however, ordered the commission to change and defend its position on sealing by June 14, without further delay.
Attorney James Filan stated on Twitter that the documents filed by the Ripple Defendants and the SEC will remain sealed until Judge Torres renders her verdict. It went on to say that the Court would decide what should be made public and what should be kept under seal.
Meanwhile, the regulator also filed a letter demanding that the court seal a portion of Ripple Defendants’ recent filing. The Ripple said in the filing concerning the SEC’s inadequate reaction to the Fourth Set of request admittance. It further stated that the defendants do not oppose the commission’s request for sealing.
The court will rule on the sealing of memos
According to the Commission’s letter, whether a document is subject to sealing is determined by the court’s examination. The SEC listed that
1) Whether the notes are admissible as judicial documents
2) The public access presumption connected to a court document
3) Factors that may outweigh the public’s right to see that document
It was argued that a document known as Exhibit A has the potential to impact the court’s decision on the pending motion. While it also stated that the same letter is entitled to a presumption of public access. Meanwhile, the case’s delays have already hampered the growth of Ripple’s XRP token. In the previous 24 hours, the XRP token has dropped by 5%. At the time of publication, it was trading at an average price of R6.03.