The U.S. Securities and Exchange Commission and Ripple Labs have put forth a joint proposal to keep portions of their upcoming remedies briefings temporarily sealed from the public while allowing for maximum transparency.
In a letter addressed to Judge Analisa Torres, the two parties outlined a detailed schedule for initially filing redacted versions of their briefs and supporting evidence under seal. This is to prevent the disclosure of any information previously marked as confidential under the court’s protective order.
As per the proposal, the SEC will submit its opening remedies brief and exhibits entirely under seal on March 22nd. The two sides will then meet and confer on any requested redactions before the SEC files a public version on March 26th with only the mutually-agreed temporary redactions.
Ripple’s Opposition Brief
A similar process will follow for Ripple’s opposition brief due April 22nd. If it does not contain any of the SEC’s confidential information, Ripple will file a public redacted version immediately. However, if it does reference such materials, Ripple will first file fully under seal. The parties will then identify any proposed redactions before a public copy is released on April 24th.
For the SEC’s reply brief on May 6th, it will be filed entirely under seal initially. After a meet and confer on May 7th, a redacted public version with minimal provisionary redactions will be docketed on May 8th.
Approximately one week later on May 13th, the parties and any third-parties will submit omnibus letter-motions detailing the specific redactions they want to be permanently sealed from the public versions of the briefs and exhibits. Each side can then oppose the other’s sealing requests in response briefs due May 20th.
Within 14 days of Judge Torres ruling on these dueling motions, the parties must file the final public versions of all the remedies filings with any court-ordered redactions.
In their letter, the SEC and Ripple stated this system “is consistent with the strong presumption of public access” while still protecting confidential information temporarily. It mirrors the process used for the earlier summary judgment motions.
However, the SEC alleges Ripple raised over $1.3 billion through an unregistered securities offering of the XRP cryptocurrency. Ripple argues XRP is a currency, not an investment contract. With the summary judgment briefing complete, the remedies filings will address potential penalties if the SEC prevails at trial.
Related Reading | Binance’s Bold Action: 5 Key Changes in Client Screening