Amid the ongoing legal battle between both Ripple (XRP) and the US Securities and Exchange Commission (SEC), both sides have reached an agreement in the lawsuit’s latest update. Specifically, both sides have submitted a joint sealing proposal with the US District Court of the Southern District of New York.
This agreed proposal addresses sealing issues regarding the highly-anticipated remedies briefing set to take place this week. Indeed, the SEC is set to issue its initial remedies brief on Friday, March 22nd. Moreover, this proposal will allow both parties to embrace transparency while ensuring the confidentiality of sensitive content.
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Ripple and SEC Submit Joint Proposal Ahead of Remedies Phase
Over the past several years, the ongoing legal battle between the SEC and Ripple Labs has dominated the digital asset sector. The conflict first began with an initial lawsuit filed by the US agency. Specifically, they argued for the security status of Ripple’s XRP in what would eventually be a losing effort.
With the remedies phase of that case set to begin this week, both Ripple (XRP) and the SEC have reached an agreement in a lawsuit update. The two sides have jointly filed a sealing proposal with the courts ahead of the SEC’s opening remedies beginning on Friday.
The joint letter is addressed to Hon. Analisa Torres and was dated Tuesday, March 19th. Within it, the sides offer a schedule for submission and public release of various court documents. Moreover, the letter focuses on the sealing and redaction of these released documents.
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“The proposal will ensure prompt, public access to the Parties’ briefs (as to which anh proposed redactions are anticipation to be minimal), which is consistent with the ‘strong presumptions’ of public access,” the letter stated.
Although the case is not yet concluded, an end is in sight. On March 25th, both Ripple and the SEC will meet to reach agreeable redactions of the SEC’s opening brief. Thereafter, the SEC will release the redacted version of the brief a day later.
Other key dates within the case include Ripple’s opposition brief scheduled for April 22nd. A reply from the SEC is scheduled to be filed on May 6th. The case should be approaching a conclusion during May’s final few weeks. Ultimately, June could see a conclusion finally be reached.