The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) is reaching its climax, with the SEC's latest court filing marking the final submission before the judge considers the remedies phase of the lawsuit.

In its May 20 filing, the SEC opposed Ripple's motion to seal certain financial documents, arguing that concealing financial and securities sales information from the public is unlawful. The SEC emphasized the historical significance of public access to judicial documents, citing the case of Lugosch v. Pyramid Co. of Onondaga.

The lawsuit, initiated in late 2020, centers around the SEC's allegations that Ripple conducted an unregistered securities offering through the sale of the XRP cryptocurrency. While Ripple secured a partial win in July 2023 when the judge ruled that XRP itself was not a security, institutional XRP sales were deemed investment contracts.

According to the joint schedule agreed upon by both parties, Ripple, the SEC, and any third parties were required to file letter briefs opposing omnibus letter motions to seal by May 20, 2024. This deadline represents the final opportunity for submissions before the judge makes her ruling.

While the SEC agreed to seal five exhibits, it challenged Ripple's request to conceal key financial figures and contract terms relevant to the remedy deliberations. This includes details regarding Ripple's financial health, recent XRP sales volume, and revenue and expense specifics—information crucial for assessing compliance and determining potential penalties.

The SEC argued that Ripple failed to demonstrate how exposing this information to the public would result in significant harm warranting sealing. Additionally, the agency noted that some evidence is already available to the public, and the financial records in question are outdated.

As the case progresses, industry observers eagerly await Judge Analisa Torres' ruling on the remedies. The stakes are high, with the SEC seeking fines of up to $2 billion, while Ripple contends that any fines should not exceed $10 million.

While the exact timing of Judge Torres' judgment remains uncertain, Ripple anticipates a resolution in the coming months. Meanwhile, the XRP price remains steady above $0.54, with enthusiasts hopeful that the conclusion of the lawsuit could propel it towards the elusive $3 milestone.