XRP Lawsuit: Ripple And SEC Forge Agreement On Revised Schedule

8 months ago 40

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In the XRP lawsuit between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC), the parties have submitted a joint sealing proposal to the United States District Court for the Southern District of New York. This proposal, aimed at governing sealing issues for the upcoming remedies-related briefing, underscores both parties’ commitment to transparency while acknowledging the necessity of confidentiality for certain sensitive information.

The joint letter, addressed to Hon. Analisa Torres and dated March 19, 2024, outlines a schedule for the submission and public release of court documents, emphasizing a structured approach to sealing and redaction. The parties express their intent, stating, “The proposal will ensure prompt, public access to the Parties’ briefs (as to which any proposed redactions are anticipated to be minimal), which is consistent with the ‘strong presumption’ of public access.”

Ripple Vs. SEC: The Detailed Remedies Timeline

March 22, 2024: The SEC is scheduled to file its opening remedies-related brief along with supporting declarations and exhibits, all under seal. This initial step allows the parties to review the documents and identify any sensitive information that might necessitate redaction before public release.

March 25, 2024: Ripple and the SEC are set to meet and confer to discuss and agree upon the redactions to be applied to the SEC’s opening brief and its supporting materials. This collaborative approach is aimed at identifying and minimizing the extent of redactions, thereby maximizing the information available to the public.

March 26, 2024: Following the meet and confer, the SEC will file a public, redacted version of its opening brief. This version will include only those redactions that were agreed upon by both parties (and third parties, if applicable) during the meeting. Furthermore, any supporting exhibits not classified as Confidential or Highly Confidential under the Protective Order will be filed on the public docket, enhancing the transparency of the proceedings.

April 22, 2024: Ripple is expected to file its opposition brief and supporting documents. If these materials do not contain any information designated as Confidential or Highly Confidential by the SEC, they will be filed publicly but redacted. This ensures that confidential information remains protected while allowing public access to the case’s developments.

April 23, 2024: Should Ripple’s materials include confidential information, a meeting is scheduled for this date to discuss redactions specific to Ripple’s opposition brief and its supporting documents.

April 24, 2024: Ripple will file a public, redacted version of its opposition brief based on the previous day’s discussions, adhering to the agreed-upon redactions to protect sensitive information while maintaining the commitment to transparency.

May 6, 2024: The SEC will submit its reply brief under seal, initiating the final phase of the sealing and redaction process.

May 7, 2024: A meeting will occur to discuss and determine necessary redactions to the SEC’s reply brief and any accompanying exhibits, ensuring that any sensitive information is appropriately protected.

May 8, 2024: The SEC is to file a public, redacted version of its reply brief along with any supporting exhibits not classified as Confidential or Highly Confidential. This step marks the culmination of the scheduled submissions and emphasizes the ongoing effort to balance confidentiality with the public’s right to access.

May 13, 2024: Both parties, along with any third parties, will file omnibus letter-motions to seal materials related to the remedies-related briefing. This includes the briefs, declarations, and supporting exhibits, alongside proposed redactions to such materials, indicating a comprehensive approach to handling sensitive information within the case.

May 20, 2024: The parties and any third parties involved are scheduled to file letter-briefs in opposition to the omnibus letter-motions to seal, facilitating a discourse on the necessity and extent of sealing certain documents and information.

Insights Will Remain Concealed From The XRP Community

This meticulously structured timeline officially demonstrates the parties’ commitment to transparency, ensuring that the public remains informed of the case’s progress while safeguarding sensitive information. However, Bill Morgan, closely monitoring the case from the XRP community’s perspective, has a different opinion:

For all those that thought the SEC succeeding earlier this year in its motion ordering disclosure of Ripple post-complaint contracts with institutions meant disclosure to the world it didn’t. It meant disclosure to the SEC subject to a protective order, and there is likely a lot of commercially sensitive material Ripple will seek to have redacted and sealed in the SEC brief and reply brief.

At press time, XRP traded at $0.58657.