In the ongoing XRP lawsuit between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC), both parties have jointly proposed a plan to address sealing issues in the United States District Court for the Southern District of New York. The proposal highlights the importance of transparency while acknowledging the need for confidentiality for certain sensitive information.
The letter, dated March 19, 2024, and addressed to Hon. Analisa Torres, lays out a schedule for submitting and releasing court documents, emphasizing a structured approach to sealing and redaction. The parties reaffirm their commitment, stating, “The proposal will ensure prompt, public access to the Parties’ briefs (with minimal redactions anticipated), consistent with the ‘strong presumption’ of public access.”
Ripple Vs. SEC: Detailed Timeline for Remedies
March 22, 2024: The SEC is set to file its opening remedies-related brief along with supporting materials under seal to allow review for sensitive information that may need redactions before public release.
March 25, 2024: Ripple and the SEC will discuss and agree on redactions for the SEC’s opening brief and supporting materials, aiming to minimize redactions and maximize public information.
March 26, 2024: The SEC will file a public, redacted version of its opening brief, including only agreed-upon redactions, and non-confidential exhibits will be made public to enhance transparency.
May 13, 2024: Both parties and involved third parties will file motions to seal materials related to the remedies briefing, proposing redactions for briefs, declarations, and exhibits for sensitive information handling.
May 20, 2024: The parties and third parties will file opposition letter-briefs regarding sealing motions to facilitate discussions on the necessity and extent of document sealings.
Insights Concealed From XRP Community
The structured timeline highlights the commitment to transparency while protecting sensitive information. Bill Morgan, observing from the XRP community, noted that certain information disclosed to the SEC remains subject to protective orders, possibly leading to redactions in Ripple’s briefs.
At the time of writing, XRP is trading at $0.58657.
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