James Filan has revealed recent update in Ripple v. SEC case watched by whole crypto industry

By Selena On Jan 11, 2023

James K. Filan, a former federal prosecutor and American lawyer who has closely followed the SEC investigation against Ripple Labs since it started two years ago, recently shared a fresh development in the case on Twitter.

Ripple Opposes SEC’s Attempt to Seal Documents Related to Summary Judgment

He mentioned that Ripple’s legal team had responded to the regulator’s most recent request to redact some of the papers it had submitted in connection with a request for summary judgment. This documentation appears to be connected to Hinman’s emails secondarily.

The Dropbox document posted by Filan in his tweet bears a link that indicates Ripple has objected to the SEC’s request to seal the records it previously provided in connection with the parties’ Cross-Motions for Summary Judgment. The Ripple defendants wrote in the letter that the public must have access to the court records now that the case has reached the summary judgment stage.

According to the letter, the regulatory agency’s legal team requests that the names and identifying details of witnesses “whose testimony the SEC intends to rely upon to prove its case, without identifying any compelling interest suggesting that secrecy is necessary” be kept confidential in this particular matter.

#XRPCommunity #SECGov v. #Ripple #XRP The Ripple Defendants have filed their Response in Opposition to the SEC’s Motion to Seal certain documents filed in connection with the parties’ Cross-Motions for Summary Judgment.https://t.co/5eljOdblxR

— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) January 9, 2023

The SEC and Ripple had submitted their requests for summary judgment. They provided their redacted responses in favor of the aforementioned motions in December. Many anticipate that the issue will be resolved in the first quarter of 2023, including the CEO of Ripple and one of the defendants, Brad Garlinghouse.

However, because the SEC is making every effort to withhold the Hinman emails from the court, CryptoLaw founder John Deaton believes that a ruling, rather than a settlement, is more possible in the Ripple-SEC dispute.

If Ripple loses the case to the regulatory agency, XRP may lose 25% of its utility, according to lawyer Jeremy Hogan, who frequently comments on the aforementioned issue and developments relating to it. This number was brought up because the United States, which accounts for 25% of global economic activity, would ban XRP.

Earlier, Ripple CEO Garlinghouse said that the company would have to leave the United States and relocate its headquarters to a country that supports cryptocurrencies if it lost to the SEC. Ripple then considered moving to and working in Japan, the UAE, and a few other nations.

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