Ripple vs. SEC: A New Chapter With Revised Schedule in XRP Lawsuit

News

In the Ripple vs. SEC legal battle, Judge Analisa Torres has approved a new schedule and redaction order for specific documents. This decision allows Ripple and the SEC to keep some details confidential, like financial statements and XRP sales. In the meanwhile after years of struggle both parties have agreed on a timeline for filing briefs, which will maintain transparency and sensitive info. This will also ensure how future crypto cases might handle court documents, focusing on transparency while safeguarding business secrets. 

Here’s the breakdown of the New Timeline:

  • March 22, 2024: The decisive day when SEC files its opening remedies brief and supporting materials under seal.
  • March 25, 2024: SEC and Ripple meet to discuss and agree on redactions for the SEC’s opening brief.
  • March 26, 2024: SEC files a public, redacted version of its opening brief and any non-confidential supporting exhibits.
  • April 22, 2024: Ripple expected to file its opposition brief and supporting documents publicly, with redactions if necessary.
  • April 23-24, 2024: If Ripple’s materials contain confidential info, a meeting will be held to discuss redactions, followed by filing a public, redacted version.
  • May 6-8, 2024: SEC submits its reply brief under seal, followed by discussions on redactions and filing a public, redacted version along with non-confidential exhibits

Keeping the timeline in mind, this is not the end. The lawsuit is expected to go beyond these dates, with further motions and opposition related to sealing details being filed until May 20.

A Call for Transparency?

On the flip side, while the proposal is meant for public access, most of the discussions and redactions will happen behind closed doors between the SEC and Ripple before reaching to the public domain. If they can’t agree on what should be kept secret, it might slow things down and make it harder for the public to access the filings.

XRP Price Impact 

At present XRP is eyeing the long-awaited $0.74 mark. However, Judge Torres’s decision to extend the XRP lawsuit may impact its price. XRp has seen a 3% surge in the past 24 hours, currently trading at $0.60. Whereas, the trading volume has seen a plunge of 16%, indicating low interest among traders.

Despite this, XRP options and futures remain positive, with calls for $0.80 and $0.95 before the end of March. Nevertheless, there is resistance at $0.74, and the March 29 expiry will be crucial for broader crypto market sentiment.

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