According to defense attorney James K. Filan, a New York court approved joint plans by the U.S. Securities and Exchange Commission (SEC) and Ripple Labs that specified timelines for redactions governing issues of sealing in future summary judgments.
The move is seen as crucial to bringing the long-running lawsuit to a speedy resolution.
Find common ground
Ripple co-founder Chris Larsen and CEO Brad Garlinghouse were also named as co-defendants in the case. The company denies that XRP is a security. Securities are subject to strict regulation by US agencies.
On September 9, the SEC filed a request requesting that the sections of its documents containing information on the identity of the proposed expert witnesses remain hidden. It was previously argued that such measures could protect witnesses from harassment.
Ripple opposite the suggestion, arguing that the matter should remain entirely public. The two sides may have found common ground, defense attorney James K. Filan tweeted.
In a joint letter to U.S. District Judge Analisa Torres, who is presiding over the case, the SEC and Ripple have agreed to unseal portions of their legal documents, meaning the case will be public. However, some aspects still need to be redacted.
Debevoise and Plimpton, attorneys representing the SEC, said they sought consent and approval from Garlinghouse and Larsen for aspects of the case to be made fully public, as the decision is expected to set a precedent for how states handle cryptocurrency securities.
“The proposal will ensure prompt and public access to the parties’ briefs (the proposed redactions of which should be minimal), which should be consistent with the strong presumption of public access,” said Andrew Ceresne, partner at Debevoise. and Plimpton wrote to the judge.
District Judge Analisa Torres granted the request, setting a timeline in which both sides should have submitted their arguments.
“Under the joint proposal, the parties would further be required to file a public, redacted version of all documents within 21 days of the court’s decision on the omnibus sealing motions,” Judge Torres said in a ruling. dated September 12.
Keeping Big Brother under control
The SEC and Ripple will have seven days after submission to produce revised public summaries. The ripple has refuse to urge the SEC for an out-of-court settlement, saying they are fighting to protect the crypto industry from undue regulatory scrutiny.
The company tapped former SEC corporate finance director William Hinman to be an expert witness in the case. The regulator opposes this possibility.
He argues that subjecting the decision-making processes of former public servants to judicial scrutiny and the possibility of continuing to participate in lawsuits years after leaving public office can be a significant deterrent to qualified candidates for public office.
XRP has fallen 5.1% to $0.33 in the past 24 hours. The asset has fallen 90% from its all-time high of $3.40 reached on January 7, 2018, according at CoinGecko. The SEC lawsuit has been accused of being one of the main factors affecting the price of XRP.
Ripple is a private financial technology company that provides a global payment solution through its patented payment network called Ripple Network. The company connects banks, payment providers, and crypto exchanges, enabling real-time settlements and lower transaction fees.
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