Ripple vs SEC Update: A New Chapter in the XRP Lawsuit With Joint Sealing Agreement

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Is the SEC's Ripple Lawsuit Hiding a Secret Agenda

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March 22 marks a significant milestone in the SEC v. Ripple case, as the SEC will present key opening briefs on proposed Ripple remedies. Defense attorney James K. Filan highlights upcoming deadlines, with Ripple’s opposition brief due on April 22, followed by the SEC’s reply on May 6. Despite ongoing legal proceedings, XRP’s trading volume surged, but overall, it has been down 5.6% in the last 24 hours, reflecting the broader decline in the crypto market.

In the latest update, Filan shared a joint sealing proposal filed by both parties to address sealing issues related to the upcoming remedies-related briefing.

As per the joint filing, the SEC and Ripple will now submit a joint proposal to the court regarding sealing issues for upcoming remedies-related briefs. The proposal aims to ensure prompt brief access while allowing for necessary redactions.

Here’s the proposed schedule:

March 22, 2024: SEC files its opening remedies-related brief under seal.
March 25, 2024: Parties meet to identify redactions needed.
March 26, 2024: SEC files a public, redacted brief version.
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 short, based on the timeline, parties and third parties will have ample 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.

What has happened so far

The SEC received an extension to analyze Ripple’s recent financial statements, delaying its opening brief submission on March 13th. 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.

Market Response: XRP’s Price Movement

In response to market movements, XRP’s trading volume has surged by 138% amid the market downturn, reaching $3.96 billion. Investors speculate on reasons behind the surge, while XRP’s golden cross pattern sparks optimism. However, caution is advised as XRP’s price dips to $0.582 after hitting highs, down 4.59% in 24 hours. Investors remain watchful for potential weakness if the price falls below $0.57.

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