According to CryptoPotato, Ripple and the U.S. Securities and Exchange Commission (SEC) are set to file significant motions related to their ongoing lawsuit today, May 13. Further legal responses are expected next week. The resolution of this case is highly anticipated due to its potential impact on the cryptocurrency market.
Since the lawsuit entered the trial phase, there have been frequent developments. Both Ripple and the SEC, along with third parties, are scheduled to file omnibus letter-motions today to seal all materials related to the remedies-related briefing. This includes declarations, briefs, and supporting exhibits. Proposed reductions are also expected to be filed in the coming hours.
A week from now, Ripple, the SEC, and all other related organizations are required to file letter-briefs opposing the omnibus letter-motions to seal. According to a joint proposal, the parties will also need to file public, redacted versions of all documents within 14 days of the Court’s rulings on the omnibus sealing motions.
The outcome of the lawsuit is eagerly awaited by the XRP army and the entire crypto community due to its potential influence on the industry. A decisive win for Ripple could lead to a resurgence in the overall market, while a loss could hinder the sector's progress due to the implementation of strict rules.
The legal battle has seen multiple actions in recent weeks, including confusion surrounding key witness Andrea Fox. Ripple initially insisted that her testimony, known as the 'Fox Declaration,' represents an unsolicited expert opinion. However, the SEC described it as 'standard summary evidence in support of calculations for disgorgement.' The SEC also claimed that the 'Fox Declaration' consists of data derived from documents generated by Ripple itself, which could be helpful in determining the case's outcome. Ripple recently filed a letter in further support of its initial request, arguing that the SEC failed to show that the declaration is summary evidence rather than expert testimony.
