Ripple and US SEC Jointly Agree to Seal Details in Remedies Briefing
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In the ongoing legal saga between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), a new development has emerged as both parties have submitted a joint sealing proposal to address shield issues related to the upcoming remedies-related briefing in the case.
Former Federal Prosecutor James K. Filan shared details of the filing on X, revealing that the proposal was submitted before Judge Analisa Torres of the Southern District of New York, U.S. District Court.
If approved by Judge Torres, the sealing request would keep crucial details in a remedies-related briefings, such as Ripple’s financial statements and post-complaint XRP institutional sales, concealed from the XRP and the broader crypto community.
The implications of sealing these outcomes away from public access on market sentiment remain uncertain. Additionally, the conclusion and timeline of the protracted SEC v. Ripple Labs lawsuit, which began in 2020, remains unclear despite the case entering its remedies deliberations.
Ripple v. SEC key dates
Several key dates loom on the horizon in the legal battle. On March 22, the SEC is scheduled to file its opening remedies-related brief and supporting declarations and exhibits under seal.
Subsequently, on March 25, the parties will convene to identify redactions, with the SEC expected to release a public, redacted version of the brief on March 26.
Further deadlines include April 22, the date by which Ripple must file its opposition to the brief, followed by the filing of a redacted version of the opposition brief and documents. On May 6, the SEC is set to submit its reply brief under seal, with redacted versions to be filed subsequently.
The timeline extends to May 20, with parties and third parties tasked with filing letter motions and opposition related to sealing details in the filings. As the lawsuit unfolds, it appears destined to continue for several more months, with a final judgment by Judge Torres likely arriving this year or next.
XRP market performance
Despite members of the crypto community digesting the news of the joint sealing proposal, Ripple (XRP) has not experienced a bullish run in the general market sentiment, as its price remains below the $0.60 mark.
XRP has undergone a significant downturn recently, breaching crucial price thresholds previously regarded as robust support. Analysis of the price charts reveals XRP’s persistent challenge in surpassing the $0.65 level.
Its descent below the $0.57 support line indicates prevailing bearish sentiment in the market in the long term.
