Ripple vs SEC: XRP Lawsuit Takes a New Turn with Joint Sealing Agreement
March 22 is a significant date for the SEC v. Ripple case, as the SEC will present important opening briefs on proposed remedies for Ripple. Defense attorney James K. Filan has highlighted the upcoming deadlines, with Ripple’s opposition brief due on April 22 and the SEC’s reply on May 6. Despite the ongoing legal proceedings, XRP’s trading volume has surged, although it has experienced an overall decline of 5.6% in the last 24 hours, reflecting the broader decline in the cryptocurrency market.
In the latest update, Filan has shared a joint sealing proposal filed by both parties to address sealing issues related to the upcoming remedies-related briefing. According to the joint filing, the SEC and Ripple will now submit a joint proposal to the court regarding sealing issues for the upcoming remedies-related briefs. The proposal aims to ensure that the briefs are promptly accessible while allowing for necessary redactions.
Here is the proposed schedule:
– March 22, 2024: SEC files its opening remedies-related brief under seal.
– March 25, 2024: Parties meet to identify necessary redactions.
– March 26, 2024: SEC files a public, redacted version of the brief.
– April 22, 2024: Ripple files a public, redacted version of its opposition brief unless it contains confidential information.
– May 6, 2024: SEC files its reply brief under seal.
– May 8, 2024: SEC files a public, redacted version of the reply brief.
In summary, based on the timeline, all parties involved will have sufficient opportunities to file motions and propose redactions. Ultimately, public, redacted versions of all documents must be filed within 14 days of the court’s rulings on sealing motions.
So far, the SEC has received an extension to analyze Ripple’s recent financial statements, resulting in a delay in its opening brief submission. This delay allows the SEC to strengthen its case with updated financial data, potentially advocating for a significant penalty. Ripple will have until April 22 to submit its opposition brief, countering the SEC’s claims. The SEC will then have until May 6 to file a reply brief, reiterating its stance on the alleged securities violations.
In response to market movements, XRP’s trading volume has surged by 138% amid the market downturn, reaching $3.96 billion. Investors are speculating on the reasons behind this surge, while XRP’s golden cross pattern sparks optimism. However, caution is advised as XRP’s price has dipped to $0.582 after reaching highs, experiencing a 4.59% decline in 24 hours. Investors are remaining cautious for potential weakness if the price falls below $0.57.