SEC v. Ripple: What to wait for in XRP lawsuit agenda?

Rick Steves

Tomorrow is likely to be the most important date in the XRP lawsuit this month as it is still the deadline for the exchange of Expert Rebuttal Reports.

The SEC v. Ripple lawsuit is taking longer than many in the XRP community were expecting although attorney James K. Filan had warned that there were no indications that “either party will go quietly into the night”.

The SEC v. Ripple lawsuit has been dragging in the eyes of many executives and investors within the trading industry, particularly the digital asset space, leaving many questioning “why is the lawsuit taking so long?” and “when will the lawsuit end?“.

Many legal experts, on the other hand, have said time and again that the SEC v. Ripple is unlikely to have an ending this year, although anything can happen as a settlement deal could go down at any time.

We’re still in the middle of the discovery phase after the Judge moved the dates twice. The deadline for the expert discovery has been moved from Friday, November 12 (tomorrow) to January 14, 2022.

Tomorrow, however, is likely to be the most important date in the XRP lawsuit this month as it is still the deadline for the exchange of Expert Rebuttal Reports.

It is most likely that we’ll be hearing from the court and both parties throughout the rest of the month, but the next scheduled day on the lawsuit agenda comes in December.

December 6 is the deadline for the SEC to comply with the Judge’s order regarding the discovery disputes, including identifying any term in the XRP sales contract that could create an expectation of profits and explaining if Ripple’s efforts were necessary to affect the price of XRP.

The SEC is also required to file hundreds of answers to Ripple’s RFAs (Requests for Admission) regarding XRP sales offshore. The RFAs relating to the fair notice defense might not be answered if the Judge grants SEC’s motion to strike the fair notice defense, which seems to be unlikely.

The plaintiff might also be required to answer whether the XRP ledger was “fully functional” when the sales took place in 2013. On that, the Hogan attorneys commented on a hidden gem, where the SEC contradicts itself.

There are a number of pending document deliveries, such as Ripple’s Slack communications and Ripple’s recordings on XRP sales and marketing.

 

 

 

Read this next

Digital Assets

Crypto miner BitFuFu to go public on Nasdaq through $1.5 billion SPAC merger

Cloud-mining service provider BitFuFu, backed by industry giant Bitmain, will go public through a merger with a blank-check firm in a deal that values the combined entity at $1.5 billion. This valuation is 4.6x 2022 projected revenue and 3.3x projected December 2022 annualized recurring revenue.

Digital Assets

Bithumb will no longer allow withdrawals to unverified crypto wallets

Bithumb, one of South Korea’s big four exchanges — alongside Coinone, Korbit, and Upbit — exchange is moving to block the use of anonymous wallets.

Retail FX

Cyprus compensation fund (ICF) to protect customers of Sonafx and BelightFX

The Cyprus Securities and Exchange Commission (CySEC) today published a new list of financial services providers that were disbarred from its lifeboat scheme.

Opinion

Exclusive interview with Stacey Van Niekerk of Finalto Group

With qualifications in A+ IT certification; in programming and wealth management as well as currently studying Investment Management at CISI Stacey Van Niekerk is an incredible asset to the Finalto Group. Having 10 years combined extensive experience in the Financial Industry working and helping Brokerage Firms and Fintech companies assist clients around the world in regions such as Australia; Africa; Europe; Asia; Uk and Mena Stacey is now responsible for driving Finalto’s B2B technology offering.

Institutional FX

MOEX lifts restrictions on repo transactions, including short positions

Russia’s largest institutional trading venue has lifted restrictions it applied last month to repo transactions with a central counterparty (CCP) in US shares.

Retail FX

USGFX has a heavy shortfall in client money, nearly $350M missing

BRI Ferrier, the liquidators of Union Standard International Group, known as USG or USGFX, today said creditor claims have hit $357 million, and this amount may increase further.

Industry News

Ripple fails to stop discovery extension amid SEC’s 180º on Hinman’s speech

The plaintiff has made a 180º turn by suggesting that the speech wasn’t merely peripheral to actual policy formulation”, but was in fact an “essential link” in the SEC’s deliberative process with respect to Ether” and other digital assets. 

Digital Assets

Gemini hires Pravjit Tiwana as CTO with eyes on Web3 and Metaverse

“I want to help build Web3 and the decentralized Metaverse. The promise is as big as the Internet itself and Gemini is well-positioned to help build and catalyze that future.”

Institutional FX

Broadridge automates Santander’s Shareholder General Meeting services in Spain

Broadridge has recently expanded coverage for proxy processing and extended voting windows for 20 sub-custody markets in 2021, with more markets to follow in 2022 and 2023.

<