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Charting the course of XRP


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So, what exactly is the purpose of today's hearing? I'm reading elsewhere that it has something to do with a determination over Intervention - ie. that the Judge presiding can make a determination that would allow multiple holders of XRP to give statements to the court detailing how the SEC action is affecting them? Do I have that right - or am I way off base here?

The SEC is fighting a possible determination that would allow US exchanges to start trading XRP again without fear of prosecution - because the SEC believes speculative trading of XRP makes it an investment contract and not a currency. Is that also correct? 

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5 minutes ago, banistersmind said:

So, what exactly is the purpose of today's hearing? I'm reading elsewhere that it has something to do with a determination over Intervention - ie. that the Judge presiding can make a determination that would allow multiple holders of XRP to give statements to the court detailing how the SEC action is affecting them? Do I have that right - or am I way off base here?

The SEC is fighting a possible determination that would allow US exchanges to start trading XRP again without fear of prosecution - because the SEC believes speculative trading of XRP makes it an investment contract and not a currency. Is that also correct? 

Way off base, sorry :) What you're talking about is still in progress.

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Just now, banistersmind said:

Well...could you correct me and explain just what is supposed to be happening today?

It's in one of the earlier pages but it is essentially a hearing on a motion to compel that Ripple has filed on the SEC. It's just part of the discovery process and we are nowhere close to the end of this.

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On 4/5/2021 at 10:36 AM, Ripley said:

Tomorrow is just another hearing about one of the motions that Ripple filed as part of the discovery process. Don't expect any decision/big news.

To summarize,

  • The SEC filed a motion asking for Brad and Chris (and their families') personal financial details. The hearing for this was conducted several weeks ago.
  • Ripple filed a motion asking for the SEC to reveal their internal memos and documentation on their decision making process behind announcing that BTC and ETH aren't securities, even if they had been in the beginning. The hearing for this is scheduled for tomorrow.

The Magistrate Judge previously said she plans to give her ruling on both the motions (and perhaps also on the selective/blanket sealing of certain documents) after tomorrow's hearing. I suppose it's possible that her ruling comes out later this week, but it is highly unlikely to happen tomorrow during the hearing.

@banistersmindFrom our friend @Ripley

Edited by Bill42069
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It looks like the Stellar outage is still ongoing (8 hours). It's very unfortunate. There is nothing that I can do for them, but I wish them the best of luck. Jed may have done XRPL a lot of wrong but he was a big part of the FBA consensus algorithm and my understanding (I could be wrong) is that Stellar features a slightly improved version of it which itself is then used in Flare along with Avalanche.

https://status.stellar.org/incidents/7h0czw6mnjzs

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38 minutes ago, HenrySeldom said:

Guess not, tho. 

:) But it's not necessarily the consensus algorithm though. It could be many number of things. I'm looking forward to the root cause analysis. I'm sure this is something that Flare is going to keep a close eye on.

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