The litigation between Ripple and the U.S. Securities and Exchange Commission is slowly but surely moving toward an end. Today, more progress was made when Ripple founders Brad Garlinghouse and Chris Larsen filed a Memorandum of Law in response to Motion for Summary Judgment from the SEC. One nuance, however, has caused widespread resentment concerning these documents.
Due to the fact that the original SEC documents have been filed under seal at the regulator’s request, they themselves and all subsequent responses to them have been hidden from public view. According to a lawyer and XRP enthusiast, the sealing of initial versions of critical documents is yet another attempt by the SEC to cover up the truth in a case where hundreds of thousands of people’s investments have been hurt by the investigation.
and cannot be assessed by that same XRP community as to whether the evidence has any merit. The @SECGov is a disgrace, the lawsuit is a disgrace and this level of sealing is a disgrace within a disgrace /2
— bill (@Belisarius2020) October 19, 2022
That being said, part of the documents will be available for review one way or another, but only when lawyers on both sides have discussed the final versions of these documents and decided what will remain and what will not. The estimated date of disclosure of the files is Monday, Oct. 24.
The end of the case is near
According to widespread sentiment, the denouement in the SEC’s case against Ripple is near and may end as early as 2023. Ripple’s victory in court and the non-recognition of XRP as a security should be a relief for the entire crypto market and will likely set a precedent for its regulation.