Ripple and SEC Seek to Seal Remedies-Related Briefing Documents
Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have filed a joint motion in federal court to keep certain documents related to remedies sealed from public access. The motion was granted by Judge Analisa Torres, who agreed that the extension of the XRP lawsuit warranted the sealing of these documents to resolve disputes between the parties involved.
The proposal put forth by Ripple and the SEC aims to provide prompt, public access to the briefing documents with some redactions. The details that will be concealed include specific financial statements and information about post-complaint XRP institutional sales, which will not be accessible to the general public or the crypto community.
While XRP itself has been deemed not a security by Judge Torres, the focus of the lawsuit now shifts to post-complaint XRP sales. The extended timeline for the SEC v. Ripple Labs lawsuit could potentially impact the price of XRP.
New Schedule for the Ripple Vs SEC Lawsuit
A schedule has been proposed for redactions following the filing of reply briefs, which means that discussions and negotiations will continue until May 6.
- March 22:Â The SEC files its opening remedies-related brief and supporting declarations and exhibits under seal.
- March 25:Â Parties meet and confer to identify redactions
- March 26:Â The SEC files a public, redacted version of the brief as per redactions requested by parties and third parties
Ripple will file a redacted version of its opposition brief and accompanying documents on April 22. The SEC will then file its reply brief under seal on May 6. The parties involved, as well as any third parties, will have until May 20 to file letter motions and opposition related to the sealing details in the filings. The SEC may also object to Ripple and other unforeseen filings, further prolonging the lawsuit.
Judge Torres will consider and rule on the SEC’s arguments regarding penalties for post-complaint XRP sales to institutional investors under Section 5 of the U.S. Securities Act. However, if Ripple and the SEC reach a settlement agreement as anticipated by lawyers, the lawsuit could be resolved before reaching a final judgment.
As a result, it is expected that the lawsuit will continue for several more months, with Judge Torres likely delivering a final judgment next year. The judge may take more time for summary judgment, similar to the decision made on July 13, 2023, when XRP was declared not a security.
Impact on XRP Price
The price of XRP has increased by 3% in the past 24 hours and is currently trading at $0.60. The 24-hour low and high for XRP are $0.571 and $0.618 respectively. However, trading volume has decreased by 16% in the last 24 hours, indicating a lack of interest among traders.
Despite the recent decline in prices, XRP options and futures remain positive. Total XRP futures open interest has increased by over 5% in the last 24 hours. However, trading activity has been muted in the past four hours and one hour.
Data from Deribit XRP options suggests that there are calls for prices of $0.80 and $0.95 before the end of March. However, there is limited market support for further upside with resistance expected at $0.74. The expiration date of March 29 will be crucial in determining the overall sentiment of the broader crypto market.
Hot Take: Ripple and SEC Seek to Seal Remedies-Related Briefing Documents
Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have jointly requested that certain documents related to remedies in the ongoing XRP lawsuit be sealed from public access. This move comes after Judge Analisa Torres granted an order to extend the timeline for the lawsuit, allowing more time for discussions and negotiations between the parties involved.
The sealing of these documents will prevent the general public and the crypto community from accessing detailed financial statements and information about post-complaint XRP institutional sales. While XRP itself has been deemed not a security, the focus of the lawsuit now shifts to these post-complaint sales.
The proposed schedule for redactions indicates that discussions will continue until May 6, with Ripple and the SEC filing their respective briefs and documents under seal. The judge will then consider penalties for post-complaint XRP sales to institutional investors, unless a settlement agreement is reached between Ripple and the SEC.
As this legal battle continues, it is important to monitor its potential impact on the price of XRP. Despite a recent increase in price, trading volume has decreased, indicating a lack of interest among traders. The expiration date of March 29 will be a key factor in determining market sentiment for not only XRP but also the broader crypto market.
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