Ripple Labs and the US Securities and Exchange Commission (SEC) have recently advanced their ongoing legal battle by submitting a joint proposal to the Southern District Court of New York. This proposal describes a methodical procedure for redacting and sealing court records pertaining to the case’s impending remedies phase.
While recognizing the necessity to safeguard certain sensitive information, the plan stresses openness. Achieving “prompt, public access to the Parties’ briefs” with minimal redactions is a shared goal of the parties.
The proposal, submitted on March 19, 2024, recognizes the necessity to preserve sensitive material while highlighting the parties’ commitment to allowing the public access to the case. It outlines the following precise deadline for submissions and redactions:
The SEC will submit its opening remedies brief and accompanying documents under seal on March 22, 2024. Both parties can examine the documents in this first step to find potentially sensitive information.
Together, Ripple and the SEC will meet on March 25, 2024, to discuss and agree upon the redactions for the SEC’s opening brief. This cooperative strategy aims to reduce the quantity of redacted data.
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On March 26, 2024, the SEC will submit a public, redacted version of its opening brief with the mutually agreed-upon redactions. Any supporting resources that are not considered private will be made available to the public.
The opposition brief and supporting documents are expected to be submitted by Ripple on April 22, 2024. When necessary, redactions will be applied in order to safeguard the SEC-designated secret information prior to its public disclosure.
Ripple’s documents will be the subject of a redaction meeting from April 23 to April 24, 2024, if any confidential information is discovered. After redaction completion, Ripple’s opposition brief will subsequently be submitted in its public form.
From May 6–8, 2024, the SEC will submit its reply brief under seal before convening a meeting to discuss redactions. Following this, a redacted version of the reply brief and any non-confidential supporting documents will be lodged and made available to the public.
Both parties file motions to seal any remaining remedy briefing materials to complete the sealing procedure. The public can oppose these resolutions by May 20, 2024. This methodical approach protects confidential company data while guaranteeing that the public is updated on the case’s developments.
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The precise chronology demonstrates the dedication to balancing the necessity to preserve sensitive commercial information and transparency.
This planned schedule for court document submission and redaction provides an overview of the forthcoming remedies phase of the Ripple v. SEC litigation. The level of transparency could significantly impact the future handling of Bitcoin matters and set a precedent for balancing the protection of private company information with public access.
