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. 

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

Digital Assets

Binance executives sue Nigerian authorities over rights violation

Two senior executives from Binance have filed a lawsuit against against Nigeria’s national security adviser’s office and its anti-corruption agency, alleging violations of their fundamental rights.

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

<