The SEC and Ripple Labs Inc. have filed motions to seal non-public documents in connection with the motions for summary judgment.
According to the court calendar, both the SEC and the defendants have submitted motions asking the court to seal certain documents in connection with the motions for summary judgment.
The Defendants sought to keep non-public documents, such as internal financial reports, forecasts, and audited financial accounts, sealed.
The Securities and Exchange Commission, on the other hand, intended to seal across three types of material, including,
- the names and contact information of the commission’s experts and XRP investor declarants,
- personal and financial data, and
- Internal documents reflecting SEC officials’ discussion and argument.
The request under category (3) will be the most contested. The Securities and Exchange Commission had made at least six attempts prior to the filing to hide the William Hinman speech-related materials under the attorney-client privilege. On each occasion, the Court denied the Securities and Exchange Commission’s requests, ultimately directing the SEC to turn over the papers to the Defendants. Another ruling against the Securities and Exchange Commission could force the commission to seek a settlement.
Former SEC Division of Corporation Finance Director William Hinman stated in 2018 that Bitcoin (BTC) and Ethereum (ETH) are not securities.
The judgments on the pleadings and the Summary Judgment Reply papers will be crucial for XRP. With activity increasing, the uncertainty around the outcome of the SEC v. Ripple case will likely keep XRP from achieving a lasting breakout.
While the SEC v. Ripple case remains the primary driver, US economic figures will be closely watched today. Inflation and personal spending numbers in the United States are likely to shift the needle.
On Tuesday, XRP rose in response to better-than-expected US data, which indicated a more aggressive Fed interest rate path.
