Ripple and Securities and Exchange Commission case reaches settlement in its third year


  • MoneyGram asked the court in the ongoing litigation to seal portions of the summary judgement filings.
  • According to James K. Filan, redacted copies of the replies will be available.
  • In December 2020, the SEC initiated legal action against Ripple and its leaders.

The third year has passed since the beginning of the dispute between Ripple (XRP) and the US Securities and Exchange Commission (SEC). MoneyGram, a business that conducts cross-border transactions, requested the court on January 5 to seal sections of the summary judgement papers in the continuing case. 

Moneygram requests that some portions of the lawsuit be sealed for reasons of confidentiality. MoneyGram indicated that it aims to safeguard firm data and worker identities by concealing certain of its records for a summary judgement, a type of decision commonly issued based on testimony and facts without a court hearing.

According to James K. Filan, a former federal prosecutor who is following the case, the redacted copies of the responses will be accessible. Filan speculates that they may come quicker.

Before releasing the most current files publicly, Ripple and the SEC will meet and discuss redactions. The company assumes that public disclosure of this news would be extremely destructive. This is because it would reveal sensitive data about the firm’s internal activities and strategic concerns to the market and MoneyGram’s competitors.

The SEC brought a claim against Ripple and its management in December 2020. The sale of XRP included unregistered securities worth more than $1.38 billion, according to the SEC.

MoneyGram stopped trading on Ripple’s network in February 2021, citing legal concerns. This move ended a link involving around $2 billion in on-demand cash trades. The SEC and Ripple submitted a move for declaratory judgment in the ongoing dispute in September. A district judge approved a joint request last month to extend the date by which all parties must submit Daubert motions till January 13, 2023. The petitions filed would bar certain expert testimony and other relevant material.

James K. Filan tweeted about the lawsuit and posted a Ripple Response in opposition to SEC’s Motion to seal.