Ripple vs. SEC Update: Here’s why today is an extremely critical day for the lawsuit

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May 20 is an critical day in… long legal battle between Securities and Exchange Commission (SEC) and Ripple. The Commission is expected to file a response to the crypto company’s request, which seeks to protect the company’s business interests.

The SEC will file an objection to Ripple’s sealing requests

AND submission to court shows that the Commission must present its letter in opposition to the Ripple letter application for sealing until May 20. Ripple filed on May 13, in line with a timeline that included that date as the deadline for both parties to request the sealing of any documents related to the execution. remedial stage.

In its May 13 filing, Ripple disclosed that it consulted with the SEC before filing sealing applications. The crypto company further claimed that Order “indicated they agree to some of Ripple’s demands but intend to oppose others.” Therefore, based on this discovery, the Commission will likely agree to some of Ripple’s mandates.

One part the Commission appears to agree on is redacting the names of some of the company’s business partners whose partnership with Ripple has not been officially disclosed. However, Ripple is asking for something more because the company is trying to conceal the identity of third parties whose identity has no impact on the outcome of the case.

The crypto company also requested that the court seal or redact certain documents that reflect or show Ripple’s audited financial statements or other financial documents. The company stated that these documents were non-public and their disclosure “would cause significant harm to the company’s business interests and competitive position.”

Meanwhile, Ripple also seeks to seal or redact information regarding its confidential business relationships. They argued that the adjustments were “narrow” and related only to “specific financial and pricing conditions” that the company had negotiated with its business partners. The crypto company noted that its demands are similar to the proposed redactions the court granted in the process summary judgment.

Here comes the joy in the cryptocurrency industry

The cause of Ripple v. SEC’s legal problems was the lack of regulatory transparency for the cryptocurrency industry in the US. However, this will soon change, because e.g US Congress will soon be voting on 21st century financial innovation and technology (FIT21) billwhich would provide regulatory clarity for cryptocurrency companies.

If the bill is adopted, it will establish the so-called Commodity Futures Trading Commission (CFTC) as the primary agency responsible for regulating crypto assets. This will provide a huge return considering that the SEC has for the longest time expanded its jurisdiction over all cryptocurrency matters and sought to influence crypto companies through its enforcement actions.

XRP price at $0.51 as process heats up | Source: XRPUSDT is

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