- Ripple and the SEC have submitted a joint proposal outlining key dates related to the upcoming remedies phase.
- The SEC and Ripple have agreed to work together to determine what information in the briefs needs to be redacted.
- The public can challenge any motions to seal documents by May 20, 2024.
In a recent development in the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), both parties have submitted a joint proposal to the Southern District Court of New York. This proposal outlines a structured approach to sealing and redacting court documents related to the upcoming remedies phase of the case.
The proposal emphasizes transparency while acknowledging the need to protect certain sensitive information. Both parties aim to ensure “prompt, public access to the Parties’ briefs,” with minimal redactions where possible.
SEC & Ripple Agree on Timeline for Brief Filings
The proposal, filed on March 19, 2024, emphasizes the parties’ commitment to public access to the case while acknowledging the need to protect sensitive information. It details a specific timeline for submissions and redactions, as listed here:
- March 22, 2024: The SEC will file its opening remedies brief and supporting materials under seal. This initial step allows both sides to review the documents and identify potentially sensitive information.
- March 25, 2024: The SEC and Ripple will meet to discuss and agree upon redactions for the SEC’s opening brief. This collaborative approach aims to minimize the amount of redacted information.
- March 26, 2024: The SEC will file a public, redacted version of its opening brief reflecting the agreed-upon redactions. Additionally, any supporting exhibits not classified as confidential will be made public.
- April 22, 2024: Ripple is expected to file its opposition brief and supporting documents. These will be filed publicly with redactions only if necessary to protect confidential information as designated by the SEC.
- April 23-24, 2024: If Ripple’s materials contain confidential information, a meeting will be held to discuss redactions, followed by the filing of a public, redacted version of Ripple’s opposition brief.
- May 6-8, 2024: The SEC will submit its reply brief under seal, followed by a meeting to discuss redactions. A public, redacted version of the reply brief and any non-confidential supporting exhibits will then be filed.
The sealing process concludes with both parties filing motions to seal any remaining materials related to the remedies briefing. Public opposition to these motions can be filed by May 20, 2024. This structured approach ensures the public is informed of the case’s progress while safeguarding sensitive business information.
SEC Demands Transparency, But Will They Get It?
The meticulous timeline highlights the commitment to balancing transparency with the need to protect sensitive commercial information. However, some within the XRP community, like Bill Morgan, remain skeptical.
Morgan points out that while the SEC won a motion earlier this year requiring disclosure of Ripple’s contracts with institutions, this disclosure was subject to a protective order, meaning the information remains confidential. He anticipates Ripple will seek to redact a significant amount of commercially sensitive material from the SEC’s briefs.
On the Flipside
- While the proposal emphasizes public access, most discussions and redactions will occur between the SEC and Ripple before the public sees any filings.
- The SEC and Ripple might have differing views on what qualifies as confidential, leading to delays in redaction discussions and public access.
Why This Matters
This proposed timeline for redacting and filing court documents offers a glimpse into the upcoming remedies phase of the Ripple vs. SEC lawsuit. The level of transparency could significantly impact how future cryptocurrency cases are handled, setting a precedent for balancing public information access with protecting confidential business data within the industry.
Sponsored
To learn more about the ongoing legal battle between the SEC and Ripple Labs and what to expect in the upcoming remedies phase, read here:
What to Expect in the SEC vs. Ripple Remedies Brief Battle
To learn more about the court ruling on the security status of XRP and the resulting complexities for Ripple, as told by ECGI, read here:
Ripple’s XRP Security Conundrum Builds as ECGI Adds Confusion
