The latest update in the XRP lawsuit saw the SEC follow Ripple’s footsteps and file for seal in the Interrogatories Dispute. The plaintiff stated that it agrees with Ripple’s Motion to Seal exhibits in connection with the Interrogatories Dispute regarding the application of the Howey Test to sales of XRP over the last 8 years.
“The SEC agrees with Defendants that the identities of third parties are not relevant to the Court’s decision regarding Defendants’ Motion to Compel…permitting sealing of portions of documents revealing identities of individuals and entities where the public interest in such information was low.”
SEC avoids setting legal precedent with seal
The settlement speculation only gets validated as SEC and Ripple consistently come together to seal evidence. It could potentially mean that the SEC is using the seal to avoid setting any legal precedent through the XRP lawsuit so that the case’s example cannot be used by anyone, including SEC oppositions in the foreseeable future.
Earlier in the interrogatories dispute, the SEC appealed for an extension to file for its letter motion to seal. More suspicion was raised as the SEC confirmed that they will be conferring with the defendants before adding portions to seal to its appeal. As the portions to seal were pertained to the third parties’ identities, the SEC approached the court for merit sealing.
The seal and settlement speculation keeps moving in circles, bringing us back to the SEC approaching Ripple for a seal to protect certain eminent individuals’ secrets hidden in the exhibits. Furthermore, the lawsuit also saw SEC file a letter stating that it “does not oppose” Ripple’s request to seal parts of certain exhibits in the Interrogatories dispute.
Odds bet against the SEC
The SEC appears to be losing as the case unfolds, therefore, the commission is considering a settlement with the defendants to bury a lawsuit that is digging up ancient past. Last week, the defendants filed a letter appealing the addition of three documents to be reviewed in camera based on a privilege log provided by the SEC after the August 31, 2021, telephone conference.
The SEC saw havoc as these documents also included an email chain that could discredit the SEC’s former “just an opinion” argument regarding the 2018 Hinman speech.
XRP Lawsuit: Case extended further with Court Granting Expert Discovery Extension
The latest update in the XRP lawsuit has brought bad news for Ripple and XRP Holders, as the court granted SEC’s 2-months extension request for the expert discovery deadline in a Text-Only Order.
The court noted that both parties agreed that there are likely at least 14 expert witnesses that will be deposed. However, Ripple argued that these depositions can reasonably be conducted within 18 business days given the resources available to the SEC. Furthermore, the Defendants along with the Movants (XRP Holders) claimed that any more delay in resolving this case will cause serious harm to the interests of both respectively.
Nevertheless, the court has granted the extension explaining that in lieu of pending motions, extra time will only facilitate both parties to complete pending fact discovery and thoroughly prepare for upcoming expert depositions. Additionally, the Court also denied Attorney Deaton’s Letter Motion to File Amicus Brief, on behalf of the XRP Holders that contended SEC’s extension request.
“While the Court recognizes that both parties have dedicated substantial resources to prosecute this case, given the pending motions to dismiss and strike, and the previous adjournment of any deadline to file a motion for summary judgment, the additional time sought by the SEC will not affect the schedule to resolve this case. Rather, the additional time sought by the SEC will allow both sides to complete the outstanding fact discovery and properly prepare for expert depositions. Accordingly, the SEC’s application is GRANTED.”, the court stated.
XRP Markets to remain Frozen
Earlier this week Ripple argued that the extension will continue to “freeze” the XRP markets within the United States that will further “unduly prejudice” Ripple. The defendants claimed that nearly every digital asset exchange in the United States has de-listed or suspended trading of XRP, “severely damaging” the token’s markets, and further damaging Ripple’s business as the defendants depend on XRP for its product offerings.
XRP Holders also bored the burn as their funds remain frozen due to the ongoing lawsuit. Many XRP Holders hold XRP in retirement brokerage accounts, which have also been “frozen” because of the SEC’s claims, alleging XRP to be an unregistered security. XRP holders are unable to trade, sell, transfer or convert their XRP.
Why Can’t XRP Show Quality on the Basis of Price?
We want to hear from you! When it comes to Ripple and industry updates, what’s your favourite way of learning more?
Community response: I sold all of my XRP coin 2 hours ago. Frankly XRP was the worst coin that I ever had. More than a year wasted – my time and my money. I shouldn’t buy a coin that couldn’t hit its previous ATH for 4 years.
Please consider sending a message to all XRP holders, to update us on the SEC case. Or at least, consider having someone from your team being on an interview with some of the you tubers/lawyers.
Why can’t XRP show quality on the basis of price? Now we want XRPs features to be reflected in its price and not to lose its reputation. I hope you have an answer.
We expect serious attacks from Ripple, make a Coin Burn if necessary Let the supporters like it.
XRP is the bridge. RippleNet offers connections to hundreds of financial institutions around the world via a single API. It helps you reduce, the need to pre-fund accounts with On-Demand Liquidity (ODL)—a service that uses the digital asset XRP to source liquidity during cross-border transactions.
It is the bridge between currencies – so it effectively translates currency to XRP and then out to a different currency is the way I understand it. It’s done in seconds so there’s no loss during the currency transaction. Swift does this but takes a day and costs more.
As long as you invest in XRP before the Ripple lawsuit ends then you’re still early.
By the time Ripple finds out that the Sec doesn’t want to clarify, but only wants them out of the way, Ripple will be out dated. Actually they already are.
The price is being traded down by BTC and ETH whales. These same whales also fund other projects that they proposition as a “Ripple-killer”, and XRP is being held down while they try to build and capture market share. XRP is superior tech, and threatens BTC and ETH whales.
Early XRP investors reported nearly twice the poverty compared to other crypto investments.
The answer is very simple. The XRPLedger uses a consensus mechanism to validate transactions at high speed and very low cost. Secondly, it’s secure and highly decentralized which make it impossible for bad actors to behave dishonestly. And last the community is on point IMHO.
All of these factors make the XRPLedger much more effective then PoW and PoS systems which are known to undermine smaller players.
XRP Lawsuit: XRP Holders approach the court regarding the expert discovery extension dispute
The latest development in the XRP lawsuit saw Attorney Deaton write to Judge Torres on behalf of Movants (XRP Holders) to consider the community’s “meaningful perspective” to aid the Court in “reach[ing] a proper decision” in Expert discovery deadline extension dispute. The letter noted that while the court formerly denied Movants’ Motion to Intervene in lieu of SEC’s argument that it will “hopelessly delay” the final verdict, the plaintiff now itself is appealing for a two-months delay with the extension.
XRP Holders appeal access to their funds
Deaton’s letter also refers to Ripple’s opposition to the commission’s expert discovery deadline extension request. According to the letter, Ripple’s argument regarding the “freezing” of XRP markets within the United States impacts Ripple, however, it also directly impacts the XRP holders. Deaton cited Ripple’s argument that “nearly every digital asset exchange in the United States” has de-listed or suspended trading of XRP, leaving XRP holders helpless.
Furthermore, a large sum of XRP Holders holds XRP in retirement brokerage accounts, which have also been “frozen” because of the SEC’s claims, alleging XRP to be an unregistered security. XRP holders are unable to touch their funds in any manner, including the inability to withdraw, due to the ongoing lawsuit.
“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”
Ripple opposition letter mentions frozen XRP markets
Following the SEC’s letter seeking a two-month extension of the Court-ordered expert discovery deadline, Ripple filed an opposition letter on October 18, requesting the court to deny SEC’s extension appeal to prevent further delay in the final verdict. Ripple asserted that extending expert discovery to January 2022 will “unduly prejudice” Ripple and continue to “freeze” XRP markets in the United States.