Key Update on Ripple v. SEC Lawsuit as of May 30: What You Need to Know

Ripple Seeks to Seal Data in SEC Lawsuit

The Latest Development

After a period of relative inactivity, the legal battle between the United States Securities and Exchange Commission (SEC) and Ripple escalated again. Most recently, the company filed a reply letter in further support of its motion to seal data related to the regulator’s motion for judgment and remedies. Initially, Ripple sought to seal and redact some evidence and financial documents, but the SEC opposed the move.

“The Court should deny Ripple’s request to conceal financial and securities sales information because that information constitutes “judicial documents” as it is at the heart of the arguments the parties have presented in support of their remedies motion and could, therefore, tend to influence the Court’s remedies decision,” the agency stated earlier this month.

America’s securities regulator insists that such data could give more clarity about Ripple’s XRP sales from years ago and play a key role in the legal process. According to the company, though, historical contracts have “no continuing relevance” because it has enforced certain amendments on its XRP sales procedures.

A Brief Summary of the Lawsuit

The legal spat between the entities started in December 2020 when the SEC accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. The battle passed through numerous developments in the following years, reaching its trial phase in April 2024.

Both parties presented necessary documents and briefs to magistrates, and according to American lawyer Jeremy Hogan, they now await the judge’s ruling.

Some believe Ripple has the upper hand in the lawsuit due to securing three vital (yet partial) court wins last year. XRP’s price rallied after each triumph, meaning a decisive victory for the company may positively impact the asset.

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