As the SEC’s lawsuit against Ripple Labs goes on, cryptocurrency firm Ripple Labs submitted a letter of response on Monday to object to the SEC’s request to seal portions of court documents that include information identifying the SEC’s designated expert witnesses.
The SEC has not made the necessary particularized proof of fact to establish that the sealing is warranted, according to Ripple’s response from Monday.
The SEC and Ripple previously moved to exclude SEC expert testimony, and on Friday the SEC filed a petition to seal some of the information from the reply briefs in support of those moves.
Such sealing, according to the government, might shield witnesses from potential abuse.
The SEC filed a complaint against Ripple in December 2020, claiming that the company sold over US$1.38 billion worth of XRP, the native coin of the XRP Ledger developed by Ripple Labs, in an unregistered securities offering.
Additionally listed as co-defendants by the SEC for allegedly aiding and abetting Ripple’s crimes were the CEO Brad Garlinghouse and executive chairman Chris Larsen.
A tweet from defense attorney James K. Filan revealed that District Judge Analisa Torres approved the SEC and Ripple’s joint letter on Monday that outlined schedules for redactions regarding sealing issues.
This action is widely viewed as an effort by both parties to expedite the conclusion of the lawsuit.
At 10:40 a.m. Hong Kong time, XRP had traded up 0.32% over the previous day to reach US$0.354, as reported by CoinMarketCap.
