Ripple Labs and SEC File to Keep Remedies-Related Discovery Documents Sealed
Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have filed in federal court to keep Ripple’s remedies-related discovery documents sealed from public access. This includes detailed financial statements and post-complaint XRP institutional sales. A federal judge has granted an order for a revised schedule and redaction in the remedies-related briefing.
Judge Torres Grants Order on Sealing Remedies-Related Briefing
According to a court filing dated March 20, Judge Analisa Torres granted an order on a joint motion by Ripple Labs and the SEC governing sealing issues related to the upcoming remedies-related briefing. Torres considered the extension of the XRP lawsuit as per new dates fair enough to resolve disputes between the parties.
Defendants and plaintiff’s attorneys believe the proposal will ensure prompt, public access to the parties’ briefs, with some redactions. Ripple, the SEC, and third parties will discuss redaction requirements, with key details concealed from the XRP army and crypto community.
While experts believe there is not much in the case after Judge Torres characterized XRP itself as not a security, post-complaint XRP sales remain the focus primarily. The extension of the SEC v. Ripple Labs lawsuit has a potential impact on XRP price.
New Dates in the Ripple Vs SEC Lawsuit
The parties have proposed a schedule for redactions after reply briefs, which means the confer and tussle to continue beyond May 6.
On March 22, the SEC files its opening remedies-related brief and supporting declarations and exhibits under seal. Parties will meet and confer to identify redactions on March 25. The SEC will file a public, redacted version of the brief on March 26 as per redactions requested by parties and third parties.
On April 22, a redacted version of its opposition brief and documents will be filed by Ripple. On May 6, the SEC will file its reply brief under seal. Parties and their parties will file letter motions and opposition related to sealing details in the filings until May 20, with the SEC’s objections to Ripple and other unforeseen filings extending the lawsuit further.
Moreover, Judge Torres could deliberate and rule on the SEC’s arguments on penalty for post-complaint XRP sales to institutional investors under Section 5 of the US Securities Act, unless Ripple and the SEC reach a settlement deal as anticipated by lawyers.
Thus, the lawsuit will continue to run for more months ahead with the final judgment by Judge Torres likely coming next year. Judge Torres takes more for summary judgment, similar to the July 13, 2023 decision that XRP is not a security.
XRP Price Amid Expiry
XRP price extends gains climbed 6% in the past 24 hours, with the price currently trading at $0.637. The 24-hour low and high are $0.603 and $0.653, respectively. Moreover, the trading volume has further increased by 11% in the last 24 hours, indicating interest among traders.
XRP options and futures are positive despite the recent drawdown in prices. Total XRP futures open interest jumped over 8% in the last 24 hours, but trades remained muted in the past 4 hours and 1 hour, as per CoinGlass data.
Deribit XRP options data indicate traders buying March-end call options for $0.80 and $0.95. However, there is not much support from the market for further upside with local resistance at $0.74. The March 29 expiry will be key for the broader crypto market sentiment.
Meanwhile, whales are actively buying XRP, as per Whale Alert. For instance, a whale purchased 30 million XRP worth over $19 million just now from South Korea-based crypto exchange Upbit.
