SEC v. Ripple: The XRP lawsuit updated daily

Rick Steves

The SEC v. Ripple case is moving the markets, the law, the blockchain space, and the trading industry. Here’s a quick recap.

The last week of August is upon us. As professionals within the trading industry return from their summer holidays, it is time to review what happened in the SEC v. Ripple lawsuit and related events ahead of a key date: 31 August.

As we head toward the end of fact discovery and both parties continue to scramble over gaining access to much relevant evidence to support their key arguments, we give you the most important titles in August.

SEC v. Ripple: Judge aware of XRP Army’s investigative work – Atty Hogan 

“Well, I’ll say it: I swear Judge Netburn is following some of the XRP people on Twitter or maybe even on Youtube. I didn’t think so before but now… I see you Judge Netburn”, said attorney Jeremy Hogan.

 

 

 Ripple corners SEC with motion on how Howie Test applies to XRP

“This is absolutely basic information essential to the defense”, the letter continued. “Rule 33 requires the SEC to answer each interrogatory “separately and fully,” and in a manner that is as “specific as possible and not evasive” […] in order to ‘minimize uncertainty concerning the scope of [the SEC’s] claims, said counsel Matt Solomon on behalf of Ripple and Chris Larsen.

 

SEC v. Ripple: Judge not happy with SEC’s arguments, Orders in-camera review

FinanceFeeds covered the telephone conference live. After confronting SEC’s counsel Jorge Tenreiro in regard to the subjectiveness or objectiveness of the claim of “recklessness”, the Judge ordered an in-camera review of the SEC’s internal documents.

 

SEC files motion to compel Ripple to hand over “hidden” recordings 

“Ripple never informed the SEC that Ripple routinely recorded staff meetings until a key former Ripple employee testified to that in her deposition earlier this month”.

 

 

J.P. Morgan Chase close to switching phone line trading to cloud

SEC v. Ripple: 31 August hearing could dictate settlement, said expert

Attorney Jeremy Hogan explains the SEC’s gambit – strengthening its “XRP is a security” position in exchange for a weaker “fair notice” argument – is at stake on the 31 August hearing. A key date for the XRP lawsuit.

 

 

Ripple puts SEC employees on the spot for XRP, BTC, ETH trading

New Motion to Compel aims to expose the SEC’s policies governing digital assets and their employees’ trading of XRP, ETH, and BTC. It may support Ripple’s fair notice defense.

 

 

 SEC v. Ripple: Court updates agenda for XRP lawsuit

Fact discovery has been extended to accommodate the depositions of Brad Garlinghouse and Chris Larsen. Expert discovery has been extended by 13 days with its deadline now being scheduled for November 12.

 

SEC v. Ripple: XRP Holders uncover video bombshell to throw against SEC

In 2019, SEC’s Amy Starr and Coinbase’s Dorothy DeWitt made comments that are now considered critical evidence for Ripple’s Fair Notice defense and whether XRP is a security or not.

 

 

SEC appoints CFA’s Director of Investor Protection while under fire for Ripple lawsuit on XRP

The SEC has been criticized for not listening to investors nor protecting their interests when it comes to its aggressive “regulation-by-enforcement” tactics.

 

 

 SEC v. Ripple: Fact discovery ends August 31? Probably not

Both parties have requested the court to extend the deadline in order to schedule the depositions of the individual defendants in mid-September.

The pending privilege dispute is likely to be resolved in August 31 after a telephone conference.

 

XRP lawsuit: Ripple goes for the jugular with SEC’s contradictions

“Mr. Hinman’s personal views as to XRP’s status are dubious, in any event, given his testimony that not all of the factors laid out in Howey need to be met to be an investment contract.”

 

 

SEC v. Ripple was filed by Jay Clayton, Now he joins Fireblocks while under investigation for potential conflict of interest 

The ex-SEC Chair has joined one more digital asset firm even though he is being investigated precisely for potential conflict of interest in his handling of Ripple’s XRP.

 

 

SEC v. Ripple: Bombshells in deposition pave the way for win on Fair Notice, says expert

The William Hinman deposition did provide ‘bombshells’, as many were expecting, and are likely to be used in Ripple’s case that the SEC failed to provide proper fair notice.

 

 

SEC v. Ripple: Lawsuit to take “several months, if not longer”, said the SEC

The SEC opposed Ripple’s refusal of handing over the Slack messages arguing there is plenty of time to gather the terabytes of documents since “there is no realistic prospect that the parties will fully resolve this case for several months, if not longer”.

 

SEC v. Ripple: SEC caught erasing documents relevant to XRP lawsuit

Ripple counsel Matthew Solomon confronted the SEC for deleting a relevant portion of Hinman’s deposition. The answer was found on the metadata and recovered.

 

 

SEC v. Ripple: Ripple refuses to deliver sensitive documents and tells Judge why

Two can play that game. After months of frustration for the SEC’s refusal of delivering internal documents regarding the agency’s views on ETH, XRP, and BTC, the defendant is refusing to hand over ‘terabytes’ of internal Slack messages which the plaintiff argues will prove the firm marketed XRP as a security.

 

SEC suspicious handling of Ripple and XRP triggers investigation

Washington D.C. non-profit Empower Oversight, which is led by renowned whistleblower specialists, has submitted a FOIA request to the SEC seeking communications between SEC officials and their current and former employers.

Ex-SEC Chair Jay Clayton and Ex-SEC Commissioner William Hinman are the main targets.

 

SEC and Ripple strategies analyzed ahead of “Hell Week”

What is the reasoning of behind each party’s motions as they look to obtain documents to use as evidence? Evidence to support what arguments? Attorney Jeremy Hogan offers his views.

 

 

What’s next on the SEC v. Ripple agenda? – Attorney James K. Filan

The fact discovery deadline is 31 August. Besides the pending delivery of critical evidence for both parties, there is an extensive list of rulings yet to be made, including the XRP Holders’ motion to intervene.

 

 

Read this next

Retail FX

Spotware rolls out Manager’s API for cTrader brokers

Spotware Systems, a technology provider for the electronic trading industry, has released its new Manager’s API for Brokers, providing powerful tools for server-server integration.

Metaverse Gaming NFT

Dubai Museum taps Binance to jump onto NFT bandwagon

Dubai’s Museum of the Future, the $136 million UAE government-sponsored museum that opened a few weeks ago, is joining forces with Binance NFT to roll out a range of digital products on blockchain.

Digital Assets

Ripple and Lithuanian FINCI partner for XRP-based payments

Ripple is looking to expand its presence in Europe, forming a new partnership with Lithuanian electronic money institution FINCI.

Digital Assets

Crypto.com enables Shopify merchants to accept crypto payments

Crypto.com has integrated with Canadian e-commerce giant Shopify so global merchants can accept crypto payments and save on processing fees through cash-final settlements.

Institutional FX

FX volume drops 13pct at CLS Group in April 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in April.

Crypto Insider, Opinion

Regulation: The Gold-Standard for Crypto-Assets

When the US supervisory authority SEC allowed an investment product referencing Bitcoin futures to be traded for the first time last October, this was widely perceived as a signal that cryptocurrencies had finally become established as an asset class.

Executive Moves

Solid hires FX industry veteran Darren Barker for multi-bank ECN’s business development

His curriculum vitae includes former roles at Cantor Fitzgerald, Sucden Financial, R.J. O’Brien, Jefferies, Natixis, Unicredit, J.P. Morgan, Raiffeisen, RBS International, UBS, Deutsche Bank, and Citi. 

Inside View

Mihails Safro, xpate CEO: Tips sellers need to know to overcome compliance obstacles

The unprecedented growth of e-commerce changed shopping dramatically last year. Many sellers suddenly faced a rapidly growing number of customers who had to stay home during the lockdown. When some clients adopted Netflix and Spotify as part of a daily routine, others ventured into online business. Robinhood alone saw a whopping 6 million rise in user numbers in 2 months. 

Institutional FX

BMLL delivers Level 3 data to Kepler Cheuvreux for order book analytics and algo performance

The solution covers more than 6.5 years of harmonised historical data from 65 venues and combines it with easy to use APIs and analytics libraries in a secure cloud environment. 

<