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Settlement speculations rise upon SEC request for an extension to file seal

Government faces investigation into Bitcoin Trust’s expenditure


The latest update in the XRP lawsuit saw the SEC appeal for an extension to file for its letter motion to seal certain portions of Ripple’s objections and responses to the SEC’s second and third sets of interrogatories, submitted as exhibits for the Court’s consideration in support of the SEC’s letter opposing Defendants’ letter motion to compel further responses to interrogatories.

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However, the reason why the market has been flooded with settlement speculations again is because of the SEC’s meet and confer mention in its appeal letter. The plaintiff stated that before adding portions to seal the plaintiff will be conferring with the defendants. The portions to seal are pertaining to the third parties’ submissions to the SEC that the SEC believes may merit sealing. This brings us back to the SEC approaching Ripple for a seal to protect certain eminent individuals’ secrets hidden in the exhibits.

Yesterday, the lawsuit saw SEC file a letter stating that it “does not oppose” Ripple’s request to seal parts of certain exhibits in the Interrogatories dispute. Furthermore, the plaintiff also noted that a letter of appeal to file its own motion to seal is expected in the interrogatories dispute by September 24, 2021.

Speculations rise again with yet another seal

While both parties have fought their ends of the arguments in the interrogatories dispute, they are back together in filing for a seal. However, this will not be the first time that the case witnesses both, Ripple and SEC join forces. Earlier in the XRP lawsuit, a similar seal collaboration was seen in the DPP dispute.

It was speculated that Ripple negotiated a deal with the SEC to get protection, while the commission got another shot at pursuing further litigation against other crypto projects without the burden of legal precedent. Furthermore, SEC is also accused of appealing for a seal to protect an eminent ex-official of the commission, Hinman.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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