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In the XRP case, a significant next phase for Ripple Labs against the US Securities and Exchange Commission (SEC) will start tomorrow. Defense attorney James K. Filan had recently drawn attention to March 26th. The SEC has submitted its opening summary related to proposed solutions to the court, along with supporting documents, even though they are currently sealed. This step marks a significant advancement in the protracted legal dispute spanning several years. In Filan’s statement via Twitter, it is emphasized that these documents will be disclosed to the public no later than March 26, 2024.
What to Expect from the Ripple SEC Case?
Understanding the nature and significance of the “opening summary related to proposed solutions” has become very important. This document represents a fundamental element in the course of the lawsuit. Essentially, the opening summary related to proposed solutions is the initial presentation by one party, in this case the SEC, summarizing the specific legal and financial remedies it is seeking from the court against the other party, Ripple Labs.
The amount of remedies sought by the SEC is eagerly anticipated. It will be particularly interesting to see how much the SEC has demanded for institutional XRP sales since the start of the legal dispute.
US District Judge Analisa Torres ordered Ripple to present its 2022-2023 financial statements and contracts related to “Institutional Sales” of XRP in February, arguing they were necessary for the SEC to determine an appropriate resolution.
Access to the Company’s Financial Data
Despite Ripple’s claim that details of its financial health are both irrelevant to the case and highly confidential, the court found that such information could potentially be important for the resolution phase of the case. In its petition, the SEC claimed that access to the company’s financial data is very important in determining the scale and nature of the penalties and remedies to be applied.
A few days ago, Ripple Labs and the SEC submitted a detailed schedule to the Southern District of New York Court for the resolution phase. This schedule outlines the procedures for sealing and redaction of court documents related to the resolution phase, which will determine the legal and financial ramifications for Ripple Labs. Accordingly
- March 22, 2024: The SEC submitted the resolution summary under seal.
- March 25, 2024: A meeting is being held today to discuss and finalize necessary redactions between the SEC and Ripple.
- March 26, 2024: The deadline for the SEC to present a public, redacted version of its opening summary.
- April 22, 2024: The deadline for Ripple to submit its opposition brief.
- April 23-24, 2024: A meeting is planned to finalize redactions for Ripple’s documents. If necessary, Ripple will present a public, redacted version of its opposition summary.
- May 8, 2024: The deadline for the SEC to present its response summary to the public.
The presented timeline clarifies urgent procedural steps. Despite this clarity, uncertainty regarding the final resolution of the case continues. Speculations about potential delays, including whether the SEC will request an extension, persist.
