Ripple Vs. SEC: Joint Sealing Proposal for XRP Lawsuit
In the ongoing legal battle between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC), both parties have submitted a joint sealing proposal to the United States District Court for the Southern District of New York. This proposal aims to address sealing issues related to upcoming remedies-related briefings in a transparent manner while ensuring the confidentiality of sensitive information.
A Structured Approach to Sealing and Redaction
The joint letter, dated March 19, 2024, outlines a schedule for the submission and public release of court documents. It emphasizes a structured approach to sealing and redaction, with the intention of providing prompt public access to the parties’ briefs while minimizing redactions:
- The SEC is scheduled to file its opening remedies-related brief, supporting declarations, and exhibits under seal on March 22, 2024.
- Ripple and the SEC will meet and confer on March 25, 2024, to discuss and agree upon redactions to be applied to the SEC’s opening brief and supporting materials.
- The SEC will file a public, redacted version of its opening brief on March 26, 2024, including only agreed-upon redactions.
This approach ensures transparency by allowing public access to relevant information while protecting sensitive data.
Timeline for Remedies Briefing
The following timeline highlights key dates in the remedies-related briefing process:
- March 22, 2024: The SEC files its opening remedies-related brief under seal.
- March 25, 2024: Ripple and the SEC meet to discuss and agree upon redactions.
- March 26, 2024: The SEC files a public, redacted version of its opening brief.
- April 22, 2024: Ripple files its opposition brief and supporting documents, which may be publicly filed but redacted if they do not contain confidential information.
- April 23, 2024: A meeting is scheduled to discuss redactions specific to Ripple’s opposition brief and supporting documents.
- April 24, 2024: Ripple files a public, redacted version of its opposition brief.
- May 6, 2024: The SEC submits its reply brief under seal.
- May 7, 2024: A meeting occurs to determine necessary redactions to the SEC’s reply brief and accompanying exhibits.
- May 8, 2024: The SEC files a public, redacted version of its reply brief.
This timeline ensures that the sealing and redaction process is carried out systematically and with consideration for both transparency and confidentiality.
XRP Community Insights Remain Concealed
The structured timeline presented by Ripple and the SEC demonstrates their commitment to transparency. However, some members of the XRP community believe that certain commercially sensitive information may remain undisclosed. Bill Morgan highlights that the disclosure of Ripple’s post-complaint contracts with institutions was subject to a protective order by the SEC, indicating that there may be additional sensitive material that Ripple seeks to have redacted and sealed in the SEC’s brief and reply brief. This suggests that some insights may not be fully accessible to the XRP community.
As of now, the price of XRP is $0.58657.
By
By
By
By