- James Filan is a lawyer for the defense. He shares X a document that reveals to you how US Securities and Exchange Commission filed its remedy, reply brief and supporting documents.
- In the attachment, it is stated that both parties must file an Omnibus motion letter to seal materials related to remedy-related briefing.
The SEC Vs Ripple Labs The legal fight takes on a fresh twist as investors await the outcome of this case to make their decisions. James Filan, a defense lawyer, shared an intriguing file with the XRP Community, revealing that the SEC had filed The reply brief includes the remedy, supporting documents, and its response.
He said that the versions with redactions would be submitted on 8 May 2024. It may also include any exhibits that are not marked confidential for the parties or third parties under the protective orders.
The @SECGov has filed, under seal, its remedies reply brief & supporting exhibits. Documents are still not public. By Wednesday, 8 May 2024, public, redacted versions of the documents will be filed. Additional sealing-related filings are to follow.
In addition, parties and third-parties are both required to submit an Omnibus motion to seal the material pertaining to remedies briefing. The parties will then be required to file an application for redaction of the information.
Ripple must also file an opposition to the letter sealing motions before May 20, as part of a demand captured by the shared document. Finaly, within fourteen days following the rulings on the omnibus sealing actions, the parties concerned must submit redacted public versions of their documents.
Ripple Legal Battle and Earlier Reports
The development follows recent reports that the two parties failed to reach a consensus on Andrea Fox’s (Fox Declaration) statement. Ripple originally argued that this testimony was an uninvited expert opinion. SEC Labels the process “standard summary evidence in support of calculations for disgorgement.”
The SEC has stated that the “Fox Declaration” This information is derived from the documents that Ripple generates. It includes documents such as tax returns. financial The statements are considered to be of great importance in the decision-making process. Ripple, however, maintains that it was not shown by the Commission that the Fox Declaration was summary evidence and not expert testimony.
Fox’s expertise is based on her claim to have used technical or other specialist knowledge to aid the trier in determining a particular fact or understanding evidence. She doesn’t just apply simple arithmetic. financial Records as SEC contends.
According to an earlier report, SEC had sought fines and penalties of $2 billion. Crypto News Flash report. A counter-proposal by Ripple, however, suggested that the maximum fine be only $10 million.
XRP Analysis
XRP, against the backdrop of the legal battle, has not broken above the 200-day EMA and the 50-day EMA, indicating a negative signal. It is evident on its 24-hour chart, which also indicates a bearish signal. 0.9% Decline to trade at $0.538
The asset will likely target the $0.5739 level as soon as it crosses the 50 day EMA. A break of the $0.5739 level would also ensure a continued move up to $0.6. Likewise, analyzing the chart for the last four hours revealed that XRP had been positioned below the 200-day EMA as well as above the 50-day EMA. Analysts explain that this signals a positive near-term but a negative longer-term.
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Source: www.crypto-news-flash.com