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The U.S. SEC and Ripple have filed a joint proposal seeking to govern all sealing issues with respect to the upcoming remedies-related brief that would be filed in the lawsuit.
In a motion submitted yesterday in the United States District Court for the Southern District of New York, the parties proposed a new schedule for sealing confidential materials in the upcoming remedies brief.
As usual, the development was shared by prominent crypto advocate James K. Filan in a tweet yesterday.
#XRPCommunity #SECGov v. #Ripple #XRP The parties have filed a joint sealing proposal “to govern sealing issues relating to the upcoming remedies-related briefing to be filed in this case.” pic.twitter.com/gaF2DLlWDN
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 19, 2024
Parties Propose New Sealing Schedule
On March 22, the SEC would file its opening remedies brief under seal. Afterward, the parties proposed that they meet and confer on March 25 to identify the necessary redactions to the remedies briefs and supporting materials before a redacted version is filed in the public docket on March 26, 2024.
Similarly, Ripple suggested that it file its opposition under seal on April 22 while the parties meet and confer to highlight relevant redactions to the brief the following day, April 23. Once the redactions have been made to Ripple’s opposition to the SEC’s brief, the crypto payments company will file a redacted version publicly on April 24.
Lastly, the parties jointly propose that the SEC file its replies to Ripple’s remedies opposition brief under seal by May 6, 2024.
Notably, the parties will discuss the necessary redactions sought by each side or third parties on May 7 before the redacted version is filed in the public docket on May 8.
Furthermore, the SEC and Ripple proposed that they file an omnibus motion to seal all material related to the remedies-related brief by May 13, 2024. This move is intended to provide efficiency and ensure that all sealing issues with respect to the materials accompanying the remedies briefs are raised in one single letter instead of piecemeal.
Additionally, the parties or third parties can file an opposition to any portion of the omnibus brief by May 20.
To convince Judge Analisa Torres to approve the sealing request, the parties claimed that the proposal would grant the public prompt access to the remedies brief. Also, they argued that the court had previously granted a similar request during the summary judgment phase of the lawsuit.
Expert Says SEC Won’t Succeed in Revealing Ripple Financial Doc
The recent proposal could be linked to Ripple’s post-complaint audited financial statements and contracts to institutional clients submitted to the SEC last month.
Recall that the SEC compelled Ripple to surrender these documents to provide relevant materials for its remedies brief. Although Ripple opposed the motion, the court sided with the SEC and ordered the company to hand over the documents last month.
Reacting to the recent development in the lawsuit, top Australian lawyer Bill Morgan noted that the proposal suggests that the SEC did not succeed in revealing Ripple’s post-complaint contract with institutional clients to the world as many people believed.
He noted that Ripple’s post-complaint financial statements were disclosed to the SEC under a protective order. According to Morgan, the proposal would help Ripple redact several commercially sensitive materials relating to its audited financial statements in the SEC’s opening and reply briefs.