Ripple Vs SEC: Unidentified Third Party Enters the Frame

• An unidentified entity has entered the frame and has filed a motion to seal the experts from Daubert motions
• The security and exchange commission filed a lawsuit claiming that XRP is classifiable as a security

An unidentified third party has requested that the Securities and Exchange Commission (SEC) redact portions of a document filed in the ongoing lawsuit against Ripple Labs.

The document is a declaration from a third party who was involved in the trading of XRP, the cryptocurrency that is at the heart of the lawsuit. The third party has requested that the SEC redact paragraph three of the declaration, which they say could reveal their identity.

The SEC has not yet responded to the request.

The lawsuit was filed by the SEC in December 2020, alleging that Ripple Labs sold XRP as an unregistered security. Ripple Labs has denied the allegations.

The case is currently in the discovery phase, where both parties are exchanging information. The SEC has filed a motion for summary judgment, asking the court to rule in its favor without a trial. Ripple Labs has filed a response to the motion, and the two sides are scheduled to meet in court on September 20 to discuss the redaction request.

The identity of the third party who has requested the redaction is not known. However, the fact that they have access to the document suggests that they are involved in the case in some way.

The redaction request is likely to delay the discovery process, as the SEC and Ripple Labs will need to work out how to redact the information without affecting the substance of the declaration.

The outcome of the redaction request could have a significant impact on the case. If the SEC is successful in redacting the information, it could weaken Ripple Labs’ case. However, if the redaction is denied, it could strengthen Ripple Labs’ position.

The case is still in its early stages, and it is too early to say how it will be resolved. However, the redaction request is a significant development, and it is likely to be closely watched by both sides in the case.

Key takeaways:

• An unidentified third party has requested that the SEC redact portions of a document filed in the ongoing lawsuit against Ripple Labs.
• The document is a declaration from a third party who was involved in the trading of XRP, the cryptocurrency that is at the heart of the lawsuit.
• The SEC has not yet responded to the request.
• The redaction request is likely to delay the discovery process.
• The outcome of the redaction request could have a significant impact on the case.