The court battle between the SEC and XRP, Ripple Labs, rages on.
And many are wondering why Judge Sarah Netburn has granted the SEC "a period to conduct fact discovery".
The deadline for this discovery period is October 2021.
But Jeremy Hogan says the delay could push any decision on the case into 2022.
Why is the SEC stalling the case? And what does this mean for XRP holders?
You can't handle the truth!
When it comes to this legal battle, we can handle the truth.
Let's get it!
Welcome to BitBoy Crypto!
Home of the BitSquad, the largest crypto community in all the Interwebs.
My name is Ben.
Everyday on this channel, I show you how to make money in crypto.
If you like money and crypto, then make sure to hit that subscribe button.
In this video, we look at the SEC being granted a discovery period in their case
and why this is bullish for XRP.
Also, guys, right now, we've got a trading competition on Phemex getting ready to kick off.
Details down below on that.
But if you want to leverage trade XRP based on any of this news today,
you can actually trade XRP directly on Bybit
along with Bitcoin, Ethereum and EOS,
and there are plenty, of course, altcoin USDT pairs as well.
It's actually a good place though to just accumulate XRP
if you're into that kind of thing.
You can sign up for Bybit by visiting bitboycrypto.com/deals.
Always use proper risk management and be responsible with your trading.
On to XRP.
Now, before we get too into it, I want to make you all aware of the ins and outs of this case,
so we're going to talk about some legal concepts in this video,
but it's important that you know what is happening.
Making money in crypto is part guts and part knowledge.
Knowing what happens in these early days will give you keen insight into what other projects might be affected,
how they might be affected
and where to make adjustments to your portfolio in case something goes sour or opens up.
This put you ahead of the FOMO noobs who are losing money day after day.
If you're in on the BitSquad,
you know that doing your research is step 3 after liking this video and subscribing to the channel.
The recently filed SEC lawsuit against XRP goes all the way back to 2013.
That's where the roots are.
They allege that XRP is not a currency.
It's a security.
And the $1.3 billion in unregistered securities and tokens was sold back in 2013.
XRP's reputation and price has taken a big hit from this news.
And recently we've seen a resurgence in the XRP price and reputation
as information has been coming out that Judge Sarah Netburn has sided with XRP
put the SEC's intentions in the case on trial themselves.
On June 14, defense lawyer James K. Filan announced on Twitter
that the SEC's request to extend their discovery deadline has been granted.
The case will be pushed back until October at the very least
and possibly into 2022.
Even though this legal battle seems to have no end in sight,
many people see this news as bullish for XRP
because the prosecution seems to be out of steam.
It has resorted to stalling the case.
The motion was granted,
but there were several other motions that were denied by Sarah Netburn,
including the request for documents postdating the initial complaint
that are related to XRP's lobbying efforts
and documents from General Counsel and Deputy Counsel.
The SEC wants to bring XRP's actions and self-promotion that happened after the initial lawsuit was filed
into the current case.
Judge Netburn said no way.
She deemed these privileged communications.
And Lawyer James Filan said in a tweet
this was good news for XRP
because Judge Netburn continues to make it clear
that the focus of the defense is on the SEC and not XRP.
Along with their request for more time,
the SEC requested to depose six additional people in the case.
And only five depositions were permitted.
Ethan Beard who is on the Ripple board of directors,
Ron Will (former CFO), Christian Gil (XRP co-founder),
Phil Rapoport (Director of Markets & Trading)
and Ryan Zagone (Research Lead)
will all testify in court.
The sixth person requested for deposition was denied as unripe.
Judge Netburn has said that her denials are in keeping with Ripple's fair notice defense
which centers around the behaviors of the SEC,
not the behaviors of Ripple Labs.
The fair notice defense is the idea that the SEC had already filed more than 70 cases
against other digital currencies
which can be seen as cryptocurrency enforcement actions,
and none of this was cited in the SEC's opening brief.
In short, XRP argues that it wasn't given fair notice that anything they were doing was illegal.
The SEC argues that since XRP saw the enforcement in the past for other crypto assets,
it should have known that the same thing was going to happen to them.
The SEC believes they set a precedent,
but XRP doesn't believe any of the XRP decisions and operations
were anything like the issues the SEC took with other crypto assets in the past.
Everything in crypto is so new that assuming any prescient doesn't always work.
A relatable comparison could be scrolling on your phone in the driver's seat of a driverless car.
Yes, we have the precedent of distracted driving laws,
but since driverless cars are so new,
the people in them can't really assume to know what the laws about mobile phones and driverless cars really are,
let alone who is responsible when a driverless car gets into a fender bender.
The laws need to be created, and everyone has to know them.
And that's what didn't happen in this XRP case.
This is why clear and concise regulation is so important to the crypto asset universe
and why I'm involved with many different lawmakers to help point the regulators in the direction of freedom.
But back to the case at hand.
The SEC takes issue with the fact that there was never an XRP ICO,
bringing up questions about whether XRP is decentralized currency
or whether it's a security like a stock.
Under the fair notice defense,
XRP states that the ICO never happened because it already had a ledger
and they didn't need to create it with an ICO.
The defense has requested a summary judgment on the fair notice defense.
According to Attorney Jeremy Hogan,
if the fair notice defense wins,
it could save the crypto industry from the SEC.
This is huge.
We don't know how this lawsuit will end,
but the bullish news on XRP keeps coming in.
With Judge Netburn putting the actions of the SEC in the hot seat
and now with some requests being denied and the SEC resorting to stalling the case,
the future looks bright for Ripple Labs and XRP.
That said, it's still difficult to actually find XRP to buy it.
You don't have to use leverage.
On Bybit, you can actually trade Bitcoin, Ethereum, EOS or USDT for XRP and hold it there.
If that's interesting, make sure you guys head on over to bitboycrypto.com/deals.
But I do think XRP is going to be a great project.
When the lawsuit clears up, I think everything will be on the up and up for it.
I feel so strongly about it,
I put some of my own money into a retainer for XRP.
That's not financial advice, just financial update on my own holdings.
I'm still sticking to my previous price prediction of a $12 to $35 XRP by the end of this cycle.
Now, if you want to pick up some XRP,
like I said, you can get it on Bybit,
or you can still get it on Gate.io, Bittrex or Upbit.
Comment down below though and let me know if you think this is a stall tactic by the SEC.
Is this bearish or bullish news for XRP?
And what's your XRP price prediction if their fair notice defense is successful?
Leave your thoughts down below in the comments and don't forget to smash up the like button.
That's all I got.
Be blessed.
BitBoy out.