Ripple and SEC Enter Next Phase With Pivotal Filing, Countdown Begins

Sat, 23/03/2024 – 16:10

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The legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has been a focal point in the cryptocurrency industry, with implications that extend far beyond the parties involved.

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Recently, the lawsuit took a significant step forward as the remedies briefing kicked off with a pivotal filing.

According to James K. Filan, a former federal prosecutor, the SEC has filed, under seal, its opening remedies-related brief and supporting documents. These documents are not public yet, with public, redacted versions to be filed no later than Tuesday, March 26, 2024.

On March 19, Ripple and the SEC submitted a joint sealing proposal to address sealing issues relevant to the remedies-related briefing in the lawsuit.

With the SEC’s opening motion kicking off the remedies briefing, other crucial dates to keep an eye on would be April 22, 2024, when Ripple’s opposition brief is anticipated, and May 6, when the SEC’s reply brief is expected.

Breakdown of key dates: What’s next?

The breakdown of the key dates as presented in the most recent joint sealing proposal is given as follows:

On March 25, 2024, both Ripple and the SEC are expected to meet and confer to identify any redactions requested for each side and third parties for the opening brief and accompanying materials.

On March 26, the SEC is anticipated to file a public redacted version of its opening brief, containing only the provisional redactions requested by the parties and third parties during the meet and confer. The SEC will also file in the public docket any supporting exhibits that have not been designated as confidential by the SEC, Ripple, or any third party under the protective order.

On April 22, 2024, Ripple would file a public, redacted version of its opposition brief, as well as supporting declarations and exhibits, if and only if the materials did not cite or include any SEC-designated confidential materials. Ripple will also put any supporting exhibits that are not classified as confidential by the protective order on the public docket.

If Ripple’s opposition brief and supporting materials contain any confidential information, the brief will be filed under seal on April 22. On April 23, the parties will meet and confer to determine the redactions requested by each side and any third parties to the opposition brief and accompanying materials.

On April 24, Ripple will submit a publicly redacted version of the opposition brief.

On May 6, the SEC is anticipated to file a reply brief under seal. On May 7, both parties will meet and confer to determine the redactions requested by each side and any third parties to the opposition brief and accompanying materials.

On May 8, the SEC will file a public redacted version of the reply brief and any accompanying exhibits.

On May 13, the parties and any third parties file omnibus letter motions to seal all materials related to the remedies briefing. On May 20, parties and third parties can file letter briefs in opposition to omnibus letter motions to seal.

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