The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple has seen a new development regarding the upcoming remedies-related briefs. James K. Filan (@FilanLaw), a prominent pro-crypto lawyer, shared the details on X.
In a joint motion filed before the United States District Court for the Southern District of New York, both parties proposed a new sealing schedule for confidential materials within these briefs.
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This proposal seeks to establish a clear process for redacting sensitive information while ensuring the public has timely access to the core arguments presented in the remedies briefs. The proposed schedule outlines specific dates for filing sealed and redacted versions of the briefs and accompanying materials.
Details of the Proposed Sealing Schedule
The SEC will file its opening remedies brief under seal on March 22, 2024, and both parties will meet and confer on March 25 to identify necessary redactions within the briefs and supporting materials. This collaborative effort aims to ensure a redacted version can be filed publicly on the court docket by March 26.
Ripple would then follow a similar procedure, submitting its opposition brief under seal on April 22. Another meeting and conferral session is proposed for April 23 to redact relevant portions of Ripple’s opposition brief, which will be publicly filed on April 24.
The SEC will file its reply under seal by May 6, with another conferral session on May 7, and the redacted version filed publicly on May 8. To streamline the process further, the SEC and Ripple propose filing an omnibus motion to seal all materials related to the remedies briefs by May 13th.
This motion would ensure all sealing issues concerning the briefs and accompanying materials are addressed comprehensively in a single filing. Oppositions to any portion of the omnibus motion can be filed by May 20.
Rationale Behind the Sealing Proposal
In their joint motion, both parties argue that this proposed sealing schedule would let the public access the core arguments presented in the remedies briefs. They cite a similar approach granted by the court during the summary judgment phase of the lawsuit as a precedent for their request.
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Potential Implications
Ripple recently submitted audited financial statements and client contracts to the SEC, coinciding with a sealing proposal. The court agreed with the SEC’s motion to compel Ripple to produce these documents.
Legal experts speculate the SEC might not fully disclose Ripple’s contracts. Ripple’s financial statements were submitted under a protective order, permitting redaction. The proposed schedule would allow further redaction within SEC briefs.
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