The enduring legal tussle between Ripple and the US Securities and Exchange Commission (SEC) has entered a new phase with recent filings. This development follows a mutual agreement on handling the sealing of documents related to forthcoming briefings on remedies. Amidst the courtroom drama, Ripple’s digital currency, XRP, is facing a downturn.
New Developments from the SEC
James Filan, an attorney closely monitoring the case, shared updates about the SEC’s latest court submissions. The SEC has presented its preliminary brief concerning remedies and accompanying evidence. These documents remain confidential for now.
A publicly accessible, edited version of these filings is expected by March 26, 2024. Before this, on March 25, the involved parties will discuss and determine necessary redactions, also considering third-party interests. This effort is part of a previously agreed plan to ensure the public can access the briefs promptly.
Impact on XRP
The ongoing legal proceedings seem to be negatively affecting XRP’s market performance. The cryptocurrency has seen a 3% decline over the past week and a 4% decrease in the past 24 hours.
Currently, XRP is trading at an average price of $0.62, with its 24-hour trading volume dropping by 40% to $1.61 billion. Despite falling to the 6th position in market cap rankings, XRP maintains a valuation of $34 billion.
Upcoming Timeline for Ripple Case
The case’s outlined schedule indicates significant dates ahead. March 26 marks the submission of the SEC’s publicly redacted brief, following discussions on provisional redactions. The SEC will also present related exhibits.
Ripple’s counterarguments and supporting documents are due by April 22, with confidentiality considerations potentially delaying certain submissions until April 23. The SEC is set to file its sealed reply brief by May 6, 2024.
Following discussions on May 7, a redacted version of the SEC’s reply and associated exhibits will be filed on May 8. The culmination of these proceedings will involve both sides submitting joint motions to seal documents related to the agreed-upon redactions.
Not a financial advice.