A recent development in the long-running Ripple-SEC lawsuit shows that only select information around the case will be released publicly.
SEC to file its position by June 14
The Securities and Exchange Commission briefed the court over the Movants’ motion for leaving to file an amicus reply. Ripple requested the court that its reply should be public. However, the court ordered the commission to alter and justify its position on sealing by June 14 without further delay.
Attorney James Filan took to Twitter highlighting that the documents filed by the Ripple Defendants and SEC will remain under seal until Judge Torres takes her decision. It added that Court will decide what should be made public and what should remain under seal.
Meanwhile, the regulator also filed a letter requesting the court to seal a portion of Ripple Defendants’ latest filing. The Ripple in the filing wrote about the SEC’s insufficient response regarding the Fourth Set of request admission. It added that the Defendants do not object to the commission’s sealing request.
Court to decide over sealing of memos
The Commission’s letter mentioned that whether a document is subject to sealing will rely to the court’s examination. SEC listed that
1) whether the memos qualify as judicial documents
2) The presumption of public access attached to a court document
3) Factors that might exceed the right of public access to that document.
It raised a point that a document named Exhibit A has a tendency to influence the court ruling on the pending motion. While it added that the same memo is also entitled to a presumption of public access.
Meanwhile, such delays in the case have already affected the growth of Ripple’s XRP token. The XRP token is down by 5% in the last 24 hours. It is trading at an average price of $0.38, at the press time.