The ongoing lawsuit between the US Securities and Exchange Commission (SEC) and Ripple Labs provided a new update recently, the SEC held the presentation of an opening summary related to institutional sales of the XRP token.

The US regulator submitted its opening brief and solution-related supporting documents to the process “under seal” on March 22, according to a post on Platform X shared by legal expert James K.Filan recently.

As the lawyer explained, the documents presented “are not yet public” and the SEC will still present the “public and redacted versions” by March 26, 2024. The company will have until April 22, 2024 to submit its request for opposition, and the SEC’s response is expected on May 6, 2024.

“SEC submitted, under seal, its opening summary and supporting documents related to the remedies. These documents are not yet public. Edited public versions will be archived by Tuesday, March 26, 2024,” he wrote.

It is worth remembering that in January, the SEC filed an SEC request to extend several deadlines in the case. The regulator asked for the deadlines for the solutions briefing to be changed. The order included the deadline for opening the SEC’s briefing by March 22 of this year, the deadline for the company’s opposition briefing by April 22, 2024, and the regulator’s deadline for filing its response brief by May 6 2024.

The SEC sued Ripple on allegations that the company violated US securities laws by selling its native token, XRP, as an unregistered security.


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