The latest advancements in the long-running Ripple-SEC dispute indicates that only some details about the case will be made public.
The Securities and Exchange Commission filed a petition with the court in response to the Movants’ application for leave to submit an amicus reply. Ripple asked the court to make its response public. The court, meanwhile, instructed the commission to change and defend its stance on closure by June 14, without any delay.
Attorney James Filan stated on Twitter that the materials submitted by the Ripple Defendants and the SEC would stay secret until Judge Torres delivers her verdict. It went on to say that the Court will see what can be publicly disclosed and what should be kept under seal.
Furthermore, the regulator submitted a letter demanding that a section of Ripple Defendants’ newest filing be sealed. The Ripple said in the statement concerning the SEC’s insufficient answer to the Fourth Set of application. It further said that the defendants need not oppose the commission’s demand for secrecy.
Court Decides Document’s Secrecy
According to the Commission’s letter, if a document is entitled to seal, it is determined by the court’s inspection. The SEC stated that
- whether the memos are admissible as judicial documents
- The public access in connection to a court document
- Factors that may compromise the public’s right to view that data
It was argued that a document known as Exhibit A has the potential to impact the court’s decision on the upcoming action. While it also stated that the same letter is eligible for a likelihood of public access.
On the other hand, the trial’s delay has indeed hampered the growth of Ripple’s XRP coin. In the previous 24 hours, the XRP coin has dropped by 4%. At the time of publication, it is changing hands at $0.38.