The long running legal battle between Ripple and US Securities and Exchange Commission (SEC) saw another round of fillings. This comes after both parties jointly proposed a plan to manage document sealing issues. It was linked to the upcoming remedies related briefings. Amid the legal proceedings in the Ripple lawsuit, XRP seems to be suffering a lot.
SEC makes fresh filings
Attorney James Filan reported that the US SEC has made the first filings in the next phase of court proceedings. The Commission submitted its opening remedies linked brief and supporting documents. He mentioned that these documents are not public yet.
The US SEC will file a public, redacted version by no later than Tuesday, March 26, 2024. However, both parties will meet and confer to identify redactions sought by each side and third parties on March 25. The joint proposal had already tried to ensure public access to the briefs in a timely manner.
Amid this legal action, XRP price is already dealing with a continuous loss of momentum. XRP recorded a drop of around 3% in the last 7 days, while, it dropped by around 4% in the last 24 hours.
Ripple’s native crypto is trading at an average price of $0.62, at the press time. Its 24 hour trading volume is down by 40% to stand at $1.61 billion. After sliding to the 6th spot, the token is still holding a market cap of $34 billion.
Ripple case timeline ahead
The submitted timeline for the case shows that March 26 will be the date when the commission will file public, redacted version of the brief, making provisional redactions requested during the meet and confer. However, the commission will also file supporting exhibits.
On April 22, Ripple will be filing a public and redaction version of its opposition brief and supporting materials. It is unless they cite or include SEC-designated Confidential or Highly Confidential materials.
If this happens then, the defendants will submit under seal by April 23. May 6, 2024, will see the US SEC filing reply brief, and that too under seal.
It is important to note that the commission will have a redacted version of the reply brief and supporting exhibits on May 8, 2024 after having a confer meeting to see redactions on May 7. After a long wait, both parties will move ahead to file omnibus letter-motions to seal all materials linked to proposed redactions.
