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Ripple SEC Settlement on the Horizon? But Justification Is Mandatory!

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Mar 1, 2021

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Highlights

    The split of opinions between the members of SEC, sections of board members is in favour of investors.

    Justification has to follow settlement, for Ripple to get going.

The legal tussle between Ripple and SEC is lasting longer than the gadgets we generally use. The hurdle has been back-breaking for XRP and the community. While the SEC is adamant on its stance, the light at the end of the tunnel looks nearing.

As the Ripple lawsuit expert discovery nears its conclusion, XRP investors are crossing their fingers. In January of this year, U.S. Magistrate Judge Sarah Netburn granted a motion to extend the discovery deadline in the dispute between the Securities and Exchange Commission and Ripple, a San Francisco-based blockchain corporation, to February 28 so that more depositions could be taken.

In December 2020, the SEC filed a complaint against Ripple, accusing the company of selling unregistered securities. The legal team at Ripple is now attempting to determine why Ethereum is held to a different standard.

After being postponed four times, there appears to be strong expectations for the conclusion of expert discovery. Last year, the discovery process was pushed out from Oct. 12 to Nov. 15, before being pushed back again to Jan. 14 and 19, with a last push to Feb. 28.

Also Read : This Could Be The Best Buying Opportunity for XRP As Price May Skyrocket Soon

But, if the dismissal materializes without any clarity for Ripple. It can possibly leave the platform stranded in cold, as it will withhold the platform’s adoption and investments. As the fear of SEC barging in with refiling the case would be imminent. However, SEC could refile the case only with prejudice. And the dismissal (if any) would follow with terms and conditions.

Will the Lawsuit to end soon? 

The SEC filed an opposition to force surrender of notes taken by Matthew Estabrook, claiming the deliberative process privilege, and Ripple argued that the agency is merely seeking a “do-over.” The SEC, on the other hand, proceeded to submit the notes to Judge Netburn for an on-camera review.

According to Attorney Jeremy Hogan, partner at Hogan & Hogan, the new move by Ripple and the individual defendants could be the SEC’s “hardest hitting brief.”

The SEC’s motion to file a sur-sur-reply in support of its motion to strike Ripple’s fair notice defence was refused in a one-word order by District Judge Torres, who had previously denied the SEC’s motion to file a sur-sur-reply in support of its motion to strike Ripple’s fair notice defence.

The SEC may have to prove that Ripple’s defendants, Chris Larsen and Brad Garlinghouse, had actual knowledge that XRP was a security, or that they were reckless in not knowing, according to CryptoLaw founder John Deaton, who previously predicted that the lawsuit would end in favour of XRP.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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