Another Win for Ripple as Court Denies SEC’s Motion to Seal
Regulation News
- Judge Torres denies the SEC’s motion to seal.
- The new judgment follows Tuesday’s court-ordered SEC-Ripple conference meeting regarding Hinman’s speech.
- XRP’s price did not get affected by the latest update. The cryptocurrency is down 0.10% at press time.
According to a tweet shared by defense attorney James Filan, Analisa Torres, the presiding judge in the ongoing legal struggle between the Securities Exchanges Commission (SEC) and cryptocurrency startup Ripple, has dismissed the regulating agency’s plea to seal the case as part of its resistance to the filing by six XRP investors of a brief about the view of one of the agency’s experts, Patrick Doody.
Ripple and the Individual Defendants did not concur with the grounds listed in the SEC’s request to seal the documents. Four of the five grounds mentioned by the SEC in the request letter, according to the blockchain business, do not pose a danger to human life.
Judge Torres said that she rejected the SEC’s motion to seal since the problems identified by the organization in its petition only relate to a portion of the opposition and not the full document.
In addition, the court orders that the SEC must submit a statement stating its requested omissions and identifying which exhibits it wishes to seal no later than the 14th of June in the year 2022. The court decided to agree with Ripple and stated that the SEC was seeking to restrict more information than was really required.
Ripple Labs and the United States Securities and Exchange Commission have been engaged in a legal dispute for quite some time now, and each day sees new documents filed in the case. It seems like at this point, even the court is getting tired and wants to be done with the case.
The newest judgment follows after Judge Sarah Netburn convened an SEC-Ripple conference to discuss the SEC’s assertions that William Hinman’s speech records fall under attorney-client confidentiality.
