Until SEC goes after ETH, BNB and a bunch of others while XRP heads past both ETH and BNB!

The court denied access to documents on Ripple’s XRP transactions and post-dating the lawsuit filing. It just looks like the settlement is coming.

Regarding:  Whether XRP is a security or not, the judge previously expressed, “My understanding about XRP is that not only does it have a currency value but it has a utility and that utility distinguishes it from Bitcoin and Ether.”

Ripple made a fair notice defense, which the SEC unsuccessfully moved to strike.  The defense is structured around the US SEC actions and not by its own conduct.  The company focuses on the Commission’s failure to give fair notice to the market about its position on whether XRP qualified as security. 

The discovery phase of the lawsuit versus the Ripple Labs is continuing as Magistrate Judge Sarah Netburn refused in part, the US Securities and Exchange Commission’s (SEC) request for additional discovery.

Besides refusing the documents related to Ripple’s XRP transactions, the court has also denied the SEC’s request for documents related to Ripple’s lobbying efforts.

SEC’s request to order Ripple to search the records of its General Counsels and Deputy General Counsel on the account of them being “highly burdensome” was also denied.

However, a part of the SEC’s motion has been approved since the court granted the Commission with the right to conduct five additional depositions, including former Ripple employees Ron Will, Ethan Beard, Phil Rapoport, and Ryan Zagone as well as Christian Gil, co-founder of crypto trading firm and liquidity provider GSR.

The Judge extends SEC period to complete discovery. The SEC now has until August 31 to conduct fast discovery, with expert discovery being pushed until October 15.

However, Ripple contends that SEC has not shown good cause to extend the discovery and an extension will unduly prejudice Ripple’s business.

Community Left Wondering:  Would this settlement be material? Not certain why everyone thinks a settlement is the best scenario?

Settlement would be the most prudent decision based on this information. Ripple would want to include language that would bar the SEC from renewing applications in the future regarding post-dated XRP sales. It’s not fair, but SEC is pay to play.

Many believe this will not be settled until April next year, and that anything sooner is a bonus. If Ripple wanted settlement, they would have settled last year.