The cryptocurrency market has its eyes on the ongoing legal battle between the SEC and Ripple. Both parties are preparing to file objections to omnibus sealing motions next Monday. Meanwhile, pro-Ripple lawyer Fred Rispoli is talking about a possible date for the end of the case.
Fred Rispoli: Ripple and SEC case will end soon
cryptokoin.comAs you follow from , the market is soon following the legal battle between Ripple and the SEC. It remains unclear when this struggle will end. Pro-Ripple lawyer Fred Rispoli made some statements regarding the Ripple and US SEC case. Rispoli’s statements resonated in the crypto world. Speaking on the first episode of Legit Bros, a crypto-based livestream, the lawyer shed light on important details surrounding the case, such as potential deadlines and the SEC and Ripple’s possible next moves in the legal battle.
In his statements, Rispoli made a bold prediction. The entire case at the district court level could be concluded by July or August, before any appeals, the lawyer said. Additionally, Rispoli talked about some concerns of the XRP community. The judge emphasized the high stakes in the case as Torres was ready to announce how much fine Ripple must pay. The pro-XRP lawyer added, “I think it will be under $25 million.” This amount is well below the SEC’s proposed $2 billion fine. However, the statement attracted a lot of attention in the global crypto world.
Will an injunction be issued for Ripple?
Meanwhile, significant attention has also been focused on the question of whether the Judge’s application will require an injunction on activities critical to Ripple’s business model, specifically ODL (On-demand Liquidity). Rispoli answered this question by stating that it would be really bad if this happened. However, he kept hopes alive by saying that Ripple would continue its efforts.
Ripple’s request to seal confidential information
Ripple asked the court to seal certain documents in its petition. With this move, the company aims to protect its confidential commercial information and the interests of its partners and third parties. In addition, the company made limited redactions to summaries of the solutions, particularly audited financial records and documents showing discounts offered on XRP sales to large buyers.
Ripple argues that these financial and pricing conditions are irrelevant to the SEC’s case. He also says, “Only contract and rebates are relevant to the SEC’s brief.” But the SEC disagreed, emphasizing the documents’ relevance to the settlement arguments.
Potential SEC opposition
The SEC will likely object to Ripple’s sealing requests. He will also point to the discounts XRP gives to institutional buyers as one of the reasons for this. The commission will likely insist that these details be included in public data. The SEC may also refuse to give Ripple the green light to seal some of its financial records. In addition to the primary parties, it is possible for third parties to file an objection against the sealing of the omnibus.
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