SEC Files Remedies Reply Brief Under Seal in Ripple Lawsuit

According to U.Today, the Securities and Exchange Commission (SEC) has filed its remedies reply brief and supporting exhibits under seal in the ongoing Ripple lawsuit. This move comes before the release of a public version and additional sealed filings. The sealed nature of the filing suggests that it contains confidential information not yet ready for public viewing. The public, redacted versions are anticipated to be filed by Wednesday, May 8, 2024. James K. Filan, a former federal prosecutor who frequently provides updates on the Ripple lawsuit, revealed that other sealing-related filings are expected to follow. On May 7, 2024, Ripple and the SEC are projected to meet and confer to identify redactions sought by each side and by third parties, if any, to the reply brief and exhibits. The SEC is then expected to file a public, redacted version of its recently released reply brief and any supporting exhibits not designated as confidential or highly confidential by either party or any third parties under the protective order on May 8, 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 by May 13, 2024. They would also file proposed redactions to such materials. By 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 be required to file publicly redacted versions of all documents within 14 days of the court's rulings on the omnibus sealing motion. The crypto community is eagerly awaiting the redacted versions, which will provide insight into the SEC's arguments and the potential implications for Ripple and the XRP cryptocurrency. With the SEC having filed its final reply brief in the remedies phase, the crypto community is now awaiting the final court decision and its potential impact on Ripple, XRP, and the broader crypto market.