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In the ongoing Ripple lawsuit, the SEC has filed its remedies reply brief and supporting exhibits under seal, a move that precedes the release of a public version and additional sealed filings.
James K. Filan, a former federal prosecutor who usually shares updates on the Ripple lawsuit, disclosed that the SEC has filed, under seal, its remedies reply brief and supporting exhibits.
The sealed nature of the filing indicates that it contains confidential information that is not yet ready for public consumption. The public, redacted versions are expected to be filed by Wednesday, May 8, 2024.
Tomiwabold OlajideThat said, the crypto community is eagerly awaiting the redacted versions, which will shed light on the SEC's arguments and the potential implications for Ripple and the XRP cryptocurrency.
Filan shares that other sealing-related filings are expected to follow, sharing a document highlighting upcoming deadlines.
On May 7, 2024, Ripple and the SEC are expected to meet and confer to identify redactions sought by each side and by third parties, if any, to the reply brief and exhibits.
On May 8, 2024, the SEC is expected to file a public, redacted version of its recently released reply brief and any supporting exhibits not designated by either party or any third parties as confidential or highly confidential under the protective order.
On May 13, 2024, both parties and any third parties are expected to file omnibus letter motions to seal all materials relating to the remedies-related briefing, including briefs, declarations and supporting exhibits. They would also file proposed redactions to such materials.
On May 20, 2024, the parties and any third parties are expected to file letter briefs in opposition to omnibus letter motions to seal. Under the joint proposal, the parties would further be required to file publicly redacted versions of all documents within 14 days of the court's rulings on the omnibus sealing motion.
The foregoing deadlines may indicate that the major filings in the remedies phase have been made, leaving only deliberations on which materials would be sealed.
As the SEC has now filed its final reply brief in the remedies phase, the crypto community awaits the final court decision and its potential implications for Ripple, XRP and the broader crypto market.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya