xrp agreed with sec decision shocked everyone xrp to 50 000 the u.s securities and exchange
commission sec lawsuit against ripple dragged on for a long time this time the individual
defendants brad garlinghouse ceo ripple and chris larson co-founder filed a petition with the
court to extend the deadline until april eighth according to the notice they need extra time to
file their responses in the first corrected complaint welcome to the rich club channel
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watch the video to the end to like and subscribe usually the sec always needed extra time to file a
response or answer any question asked surprisingly this is the first time that individual defendants
have asked for an extension of time in this case according to attorney james k phelan
the individual defendants and the sec discussed the april eighth deadline for filing responses
and the commission also noted this in its motion however delays can never prevent the response from
being submitted sooner the case is getting longer but even more intriguing as it once seemed that
ripple had the upper hand but the recent order of judge sarah netburn breathed life into the sec
in a text-only order judge netburn granted the agency's request for an extension
however brad garlinghouse challenged the sec's request in court but it seems his defense didn't
help the order stated that the sec must inform the court of its position as to whether any
additional discovery is required within a week of the filing of individual defendants responses
lawyer filling notes the filing of the response of individual defendants as an initiating event
once the response is sent the sec will begin a two-week countdown to present its position on the
discovery and joint proposed timetable order the xrp token reacted to every decision made during
the consideration of the case after these updates the coin did not react much in a protracted legal
dispute with the u.s securities regulator ripple asked the court to reject the sec's request for
another extension of the deadline today defense attorney james k phelan tweeted a copy of a letter
from ripple's defense team asking judge netburn to refuse to extend the march 23rd opening deadline
they say the sec has postponed the decision of this case for a long time and call for a summary
judgment in december 2020 the sec filed a lawsuit against ripple in connection with allegations of
the legal sale of unregistered securities worth one dollar three billion to retail investors in
response ripple ceo brad garlinghouse called it an attack on cryptocurrency in the united states
and asked why the agency had never given clarity on what a security is in three years of inquiries
at the same time he promised to fight this case we will fight aggressively and prove our case
thanks to this case we will get clear rules of conduct for the industry here in the united states
since then the twists and turns of the case have revealed several key points the main of which
is the fair protection of ripple in short this indicates that ripple assumed that xrp was not
a security since they understood that bitcoin and ether were not and did not notify them otherwise
last week the sec's proposal to revoke the fair notice protection was rejected which was
a significant step forward for ripple however it is still too early to conclude that ripple will
leave with a favorable outcome the letter to judge netburn contains a request to reject the petition
of the u s securities in exchange commission to extend the time of discovery and transfer the case
to summary proceedings nothing should further delay ripple from making a summary judgment
and demonstrating to the court that xrp is not a security summary judgment refers to a procedure
in which a court makes a decision against one of the parties on a claim or on a specific issue of
the claim if the claim or defense against the claim have no real chance of success
and there are no other compelling reasons the reason for the trial if approved there will be
no trial and the judge will rule in favor of movement based on the evidence heard to date
in a recent interview lbry ceo jeremy kaufman spoke behind the scenes about how the sec works
commenting on the lawsuit against lbry kaufman said that the agency acts like a mafia they
basically said we can make it very expensive for you if you don't give us what we want
win or lose ripple deserves credit for standing its ground but with the case dragging on for
almost 16 months it's time to put an end to this circus and move on even if it means giving
the sec what it wants jeremy hogan a lawyer and expert on crypto law believes that the
u.s securities and exchange commission sec lawsuit against ripple may soon be settled
the sec sued ripple in december 2020 claiming that the company sold xrp as an unregistered security
and the regulator adheres to this position to this day the regulator also filed individual
charges against ripple ceo brad garlinghouse and co-founder chris larson federal judge sarah
netburn ordered the sec to hand over all drafts and emails relating to a speech by william hinman
the former director of the commission's corporate finance division in 2018 in his speech hinman said
that ethereum eth is not a security however the sec is fighting the publication of these documents
arguing that their internal documents are irrelevant this week ripple disputed that claim
the securities and exchange company should not be allowed to argue with the factsetter that mister
garlinghouse and mr larson recklessly failed to acknowledge that xrp buyers viewed xrp as an
investment in a common venture hiding potentially that the sec's own director of the corporate
finance division analyzed a substantially similar digital asset and possibly even xrp itself and
came to the conclusion that this is not the case hogan highlights this section of ripple's argument
and predicts that if hinman's emails are published a settlement agreement will follow at john e
deaton one said this a few months ago if these emails need to be transferred a settlement will
be made soon after the lawyer explains generally speaking the settlement is likely to occur after
the opening is closed and before the summary of the final judgment is filed we're not quite
done with the opening yet but almost and it looks like a brief judgment will be filed in may or june
john deaton a lawyer representing xrp holders in the lawsuit predicts on twitter that hinman's
documents will be published if jay netburn will order the emails to be handed over as i believe
the securities an exchange commission has 10 days to contact jay torres if jay torres will confirm
jay net burn the sec may try to file an appeal or a court order of mandamus to the second circuit
to postpone the case for a couple of months but the calculation will tick the price has
turned down and the bears are attempting to pull the xrp slash usdt pair below the downtrend line
if they managed to do that the pair could drop to the moving averages the live xrp price today
is zero dollars 88 us dollars with a 24 hour trading volume of 3 billion 740 million us dollars
we update our xrp to usd price in real time xrp is down zero four percent in the last 24 hours
do you think xrp will be able to win the court and restore its former price
write the answers in the comments that's it for today thank you for watching this
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