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Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have presented a joint proposal to the United States District Court for the Southern District of New York in the XRP lawsuit. This proposal, which aims to manage the topics of agreement for the upcoming briefing on resolution methods, underscores both parties’ commitment to transparency while also acknowledging the need for confidentiality of certain sensitive information.
What’s Next in the SEC vs. Ripple Case?
In a joint letter dated March 19, 2024, addressed to Judge Analisa Torres, a structured approach to the settlement process is emphasized, with a schedule set for the submission and public disclosure of court documents. The parties shared the following statement regarding this process:
“The proposal will facilitate quick and public access to the parties’ summaries, consistent with the strong presumption of public access.”
After the meeting and consultation on March 26, 2024, the SEC will present a public version of the opening summary. This version will only include topics agreed upon by both parties and any third parties during the meeting. In addition, all supporting documents not classified as confidential or top secret under the Protective Order will be filed in the public docket, thus increasing the transparency of the proceedings.
On April 22, 2024, Ripple is expected to submit its objection summary and supporting documents. If these materials do not contain any information designated as confidential or top secret by the SEC, they will be filed publicly. This allows for the protection of confidential information while permitting public access to the developments in the case.
On May 13, 2024, both parties, along with any third parties, will submit multi-purpose letter petitions for the presentation of materials related to briefings on resolutions. This includes the proposed process in such materials, as well as summaries, statements, and supporting exhibits, demonstrating a comprehensive approach to handling sensitive information within the case.
On May 20, 2024, the parties and relevant third parties plan to submit letters or summaries against their requests, thus initiating a discussion on the necessity and scope of concealing certain documents and information.
Noteworthy Statement on the Matter
This meticulously structured timeline demonstrates the parties’ commitment to transparency and keeps the public informed about the case’s progress while protecting sensitive information. However, Bill Morgan, who closely follows the case from the XRP community’s perspective, has a different view:
“For everyone who thought the SEC was successful in its motion earlier this year to share contracts following Ripple’s complaint with institutions, this does not mean the contracts will be shared with the public. Ripple will likely seek to keep many commercially sensitive materials hidden from the public in the SEC’s summary and response summary.”
