3 months ago 1 min read

XRP Lawsuit, MoneyGram Asked the Court to Seal Some of Its Filings


MoneyGram, a provider of international payments, contacted the U.S. On Wednesday, Ripple Labs and the United States asked the Southern District of New York District Court to seal portions of the summary judgment documents. Commission for Securities and Exchange (SEC).

MoneyGram claimed that by sealing some of its material for the summary judgment, a type of judgment typically rendered on the basis of statements and evidence without a full trial, it aims to protect company information and employee names.

Due to legal ambiguity, MoneyGram discontinued trading on Ripple's network in February 2021, ending a similar arrangement that entailed on-demand liquidity transactions totaling a few billion dollars.

In the ongoing case, the SEC and Ripple requested a summary judgment in September. Alderoty continued to criticize the SEC on December 5, branding it a "bouncing regulator" and reiterating two statements that he feels are incongruent.

In a previous statement, the SEC stated that it had filed a lawsuit against Ripple Labs Inc. and two of its executives, both of whom are also significant stockholders, alleging that they raised more than $1.3 billion through an ongoing, unregistered issuance of securities backed by digital assets.

A federal judge last month allowed a joint petition and extended the deadline for the parties to submit their Daubert Motions, which would exclude particular expert testimony and related material, to January 13.

A partner at the American law firm Hogan & Hogan, Jeremy Hogan, claimed that the reason he holds XRP is because Ripple cannot be sued again.

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