The Ripple – SEC case appears to be moving forward steadily
The Ripple – SEC case seems to be progressing steadily, given the current favorable developments. In light of the constant rumors regarding an impending settlement in the Ripple lawsuit – U.S. Securities and Exchange Commission (SEC), Cryptolaw founder John Deaton said he does not see a settlement happening within the next 30 days. And as the world waits for President Biden’s executive order setting out how the US plans to regulate cryptocurrencies, speculation is also mounting over an outcome to the long-running XRP, Ripple, and SEC legal action.
Ripple lawsuit: Cryptolaw founder gave the timeline for settlement
I don’t read anything into whether the case is listed on the website or not. As I told @ThinkingCrypto1 today, I don’t see a settlement within the next 30 days.
— John E Deaton (@JohnEDeaton1) March 8, 2022
According to a recent tweet by Fox journalist Eleanor Terrett, SEC staff are losing faith in the agency’s ability to win the case. A source close to the SEC told Terrett that Commissioner Hester “Crypto Mom” Peirce indicated private concerns that the SEC might not achieve the outcome it is looking for.
🚨SCOOP: Turns out even staff at the @SECGov aren’t confident they will win the case against @Ripple. A source close to the SEC tells me @HesterPeirce has expressed privately she thinks the SEC will not get the outcome it’s looking for.
— Eleanor Terrett (@EleanorTerrett) March 7, 2022
Ripple CEO Brad Garlinghouse has stated that Ripple is expecting some court decision. The court has yet to rule on the Securities and Exchange Commission’s pending move to attack Ripple’s fair notification protections. Judge Sarah Netburn’s anticipated ruling on the SEC’s motion for reconsideration, known as “the largest decision” in the case by John Deaton, is likewise awaited by Ripple and the XRP community.
Judge Analisa Torres has also yet to rule on the dismissal of each defendant’s lawsuit. According to John Deaton, if each defendant’s requests to dismiss the lawsuits are denied, Ripple may pursue additional discovery.
Attorney Jeremy Hogan revealed in a recent tweet that Ripple expects a conclusion to the case between Aug 26 and Nov 18 this year.
Thanks @Leerzeit for showing this court order to me; it makes me feel more confident in my September summary judgment prediction.
I think Ripple thinks it wins the SEC case in Sept/Oct and then this class action goes away due to “collateral estoppel.”
— Jeremy Hogan (@attorneyjeremy1) March 6, 2022
Hogan posted a document in early March detailing several rules that the SEC and Ripple could follow, including an in-person meeting or videoconference to negotiate a settlement within fourteen days of the date to discover the truth.
Hogan also stated that he believes settlement talks could occur in April or May. He noted that the most recent settlement discussion, which took place several months ago, was unsuccessful and that the next settlement period will most likely be mediation. Hogan also anticipates a summary ruling hearing in September.
Meanwhile, the whales keep accumulating. Santiment posted data last month that showed XRP accumulation witnessed since Dec 2021 was the second-largest in the coin’s existence. The first massive accumulation took place in Nov–Dec 2020 and saw whales depositing a total of 1.29 billion XRP to their addresses.
it should also be mentioned that XRP’s massive growth in Nov 2020 resulted from Ripple’s move to purchase $46 million worth of XRP to “support healthy markets.”
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