SEC v. Ripple: Why has XRP lawsuit gone silent?

Rick Steves

The SEC v. Ripple lawsuit has gone silent, which has led some within the XRP community to speculate a possible settlement was in the works. 

CFTC wants $660,000 fines to prove 3red Oystacher’s spoofing

The digital asset ecosystem awaits regulatory clarity from the US Congress, but jurisprudence stemming from the SEC v. Ripple lawsuit will also be welcomed.

While industry leaders offer their thoughts for an ideal framework – including Ripple proposing minimal oversight from the SEC, which as been “hostile” towards crypto – the “cryptocurrency lawsuit of the century” has gone quiet, leaving many to wonder why.

Is a settlement in the works in the XRP lawsuit?

The SEC v. Ripple lawsuit has gone silent, which has led some within the XRP community to speculate a possible settlement was in the works.

This would not be the first time that such suspicions are raised. In late July, attorney Jeremy Hogan identified a number of “strange things” culminating in the silence from Ripple after the scheduled deposition of William Hinman.

His view at the time was that a settlement was likely taking place, but later events proved him wrong. Much has happened since then. The court has ordered both parties to hand over several documents that can be used as evidence to support their cases.

What are the news in SEC v. Ripple?

Judge Sarah Netburn has ordered Ripple to deliver more recordings of its meetings. The SEC will be looking for whether the individual defendants and Ripple executives talk about XRP more like a share of stock rather than a digital token.

The SEC, on the other hand, has been ordered to explain a lot via requests for admission on many fronts, from XRP sales offshore to questions relating to the fair notice defense and whether the XRP ledger was “fully functional” when the sales took place in 2013. The Hogan attorneys offered their analysis on this major win for Ripple.

As to the XRP lawsuit agenda, we’re still waiting for news about Ripple’s slack messages, but most importantly, the SEC documents that the agency claims are previleged and went under the judge’s in camera review, including documents that could prove the SEC lied to the court. Will they be regarded as privileged or be handed over to Ripple?

Also pending are the “big motions”: Garlinghouse and Larsen’s motion to dismiss the complaint against them and the SEC’s motion to strike the fair notice defense.

Jeremy Hogan explains expert discovery

Attorney Jeremy Hogan has produced a video explaining what is going on in court at the moment: expert discovery.

“Both parties are conducting expert depositions. There are two kinds of witnesses in a case: fact witness and expert witness. An expert witness is someone who brings a special knowledge or expertise and is allowed to do something very special in court, and that is “giving an opinion”.

“If I was in the witness box and the SEC asked me if I thought if the XRP ledger was decentralized or not, there would be an objection and the Judge would tell me my opinion is irrelevant and I would not be allowed to answer. Only someone with training in decentralized ledger would be allowed to give an opinion”, he explained.

“I am certain that each side, in this case, have listed numerous experts and they will be explaining all the technical aspects of the case to the judge and we can expect each deposition to last all day and each expert must prepare a report of his or her opinion and I wouldn’t be surprised if there are 10 to 15 experts in total on this case. So when adding it all together that’s a lot of work going on right now in the case behind the scenes”.

Read this next

Institutional FX

CME Group reports solid FX volumes, micro BTC futures average 27K contracts

CME Group (NASDAQ: CME), the holding company for CBOT, NYMEX, and COMEX exchanges, has just released its trading monthly review for November 2021, which showed a mixed performance across the group’s six product lines, according to a CME statement.

Institutional FX

PrimeXM’s volume hits new all-time high at $1.23 trillion

Average daily trading volumes across PrimeXM data center locations surged by over a third to a new record last month amid broad growth across different asset classes, the Swiss-founded technology company said today.

Institutional FX

Hedge-fund legend Steven Cohen invests in Dmitri Galinov’s 24 Exchange

24 Exchange, the OTC platform backed by Fastmatch founder Dmitri Galinov, has completed a fresh fundraising round of $14.25 million at an undisclosed valuation. The recent capital injection was led by Point72 Ventures, the venture capital firm of the hedge fund titan Steven Cohen.

Retail FX

5 Tips to Diversify Your Portfolio

Diversification is a popular investment strategy that has been used for decades by many investors of the calibre of Warren Buffet. Traders and investors take advantage of diversification because it reduces the risk of a portfolio and maximizes its returns.

Uncategorized

FX volume at Integral hits a fresh yearly high at $50.6 billion a day

Currency trading on Integral’s platforms rose in November from a year earlier as increased volatility across financial markets led to greater activity on institutional FX venues.

Industry News

Wise planning aggressive North American expansion in 2022

Wise, one of the largest payment technology companies that are looking for different and easier ways to move money around the world, has announced that it would be looking to rapidly ramp up its team and its services in the North American region in 2022.

Digital Assets

Coinbase buys Israeli firm Unbound Security

Coinbase, one of the largest crypto exchanges in the US, has announced that it has bought the company named Unbound Security, an Israel-based firm dealing with the security of crypto transactions, for an undisclosed sum.

Digital Assets

Square changes name to Block, signalling Jack’s interest in blockchain

Square, one of the largest payment companies in the world that are deep into crypto as well, has announced that it would be changing its name to Block, perhaps signaling its increasing intent to delve deeper into the blockchain.

Institutional FX

Cboe reports rebound in FX institutional volumes for November

Cboe’s institutional spot FX platform on Tuesday reported ‎its trading volumes for November 2021, which saw a ‎positive performance as a rise in volatility encouraged more buying and selling ‎of currencies relative to the month prior.‎

<