Ripple & SEC letter to Judge Torres 15 February

[PunishmentOfLuxury 1,994]

Thanks to @panmores for the link:

The full letter:

https://www.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.45.0.pdf

Quite a lot to digest, but a skim read tells me that both parties have declined the opportunity to have the case heard before a Magistrate Judge.

Most importantly: 

Quote

Counsel for the parties have met and conferred and, having previously discussed settlement, do not believe there is a prospect for settlement at this time. However, the parties will promptly notify the Court if any settlement in principle is reached as to any Defendant. Defendants agree with the statement, but note that previous settlement discussions took place under a previous administration and were principally with relevant division directors who have since left the SEC.

No doubt Jeremy Hogan will be making a video to unpack this.

Edited February 16 by PunishmentOfLuxury

[Seoulite 3,215]

I think talk of a settlement before Feb 22 was always premature. There won't be any settlement possible until Gensler is confirmed, and who knows how long that will take. Positive is that the price is more or less ignoring the SEC for now. 

[Archbob 1,106]

Yeah, there will be no settlement before the 22nd, and probably not for months yet.

[King34Maine 2,347]

7 minutes ago, Archbob said:

Yeah, there will be no settlement before the 22nd, and probably not for months yet.

I agree!! Nothing will happen until well after Gensler is appointed and has had ample time to get up to speed regarding this case. We probably won't know/hear of any kind of settlement until most likely the 2nd quarter at the earliest. 

[panmores 2,364]

If the acting chair Allison Herren Lee takes to liberty to unilaterally change laws 180° while the case is just about to start, given this arbitrary action there will be much more of the unexpected. Looks like the SEC is living in a bubble. About high times someone puts them in their place.

[youngdude 87]

1 hour ago, Seoulite said:

I think talk of a settlement before Feb 22 was always premature. There won't be any settlement possible until Gensler is confirmed, and who knows how long that will take. Positive is that the price is more or less ignoring the SEC for now. 

If this is XRP ignoring the SEC while almost every other coin is at a new ATH, I'd be really disappointed.

[Seoulite 3,215]

8 minutes ago, youngdude said:

If this is XRP ignoring the SEC while almost every other coin is at a new ATH, I'd be really disappointed.

Trading at 57 and not 27 is progress. Nightmare scenario was staying below 30 for a year.

[WuWei 1,459]

57 minutes ago, Archbob said:

Yeah, there will be no settlement before the 22nd, and probably not for months yet.

Wow, this could really drag on:

"all discovery shall be completed no later than August 16, 2021. However, the Individual Defendants request that the Proposed Order provide that the Individual Defendants and the SEC may conduct additional discovery until 120 days following the Court’s ruling on any motion(s) to dismiss filed by the Individual Defendants."

Who blinks first?

 

[PunishmentOfLuxury 1,994]

Lawyer Jesse Hynes' quick take:

And he further says:

Quote

As a further clarifying note, there has not been a meeting to settle since Jay Clayton left. So all hope is not lost. There still is legit hope for settlement in the coming months.

I know this filing seems bad, but it really isn’t! It tells us nothing we didn’t know or expect, and settlement is still a very possible outcome!! I know the use of “no prospect for settlement” sounds scary, but it’s just what you say legally. Things move forward! Onward!

 

[panmores 2,364]

6 minutes ago, WuWei said:

Wow, this could really drag on:

"all discovery shall be completed no later than August 16, 2021. However, the Individual Defendants request that the Proposed Order provide that the Individual Defendants and the SEC may conduct additional discovery until 120 days following the Court’s ruling on any motion(s) to dismiss filed by the Individual Defendants."

Who blinks first?

 

Ripple is under much more pressure, SEC doesn't care really and can drag this on.

Would be surprised if Ripple signs up more clients while this is ongoing. The 15 they mentioned probably had everything presigned already.

[youngdude 87]

32 minutes ago, Seoulite said:

Trading at 57 and not 27 is progress. Nightmare scenario was staying below 30 for a year.

I agree with that. I also think we're a lot higher if this lawsuit didn't exist. And I think you can agree with that.

[RobertHarpool 1,226]

35 minutes ago, panmores said:

Ripple is under much more pressure, SEC doesn't care really and can drag this on.

Would be surprised if Ripple signs up more clients while this is ongoing. The 15 they mentioned probably had everything presigned already.

Uh...no. 

To your first comment, it highlights that that the competitor (read: SEC) has substituted all players and coaches. 

To your second comment, that's navel gazing. The world is much bigger than the petty legal discussions in one country. XRP is global. Qatar, Zimbabwe, India, Japan ... they don't care about this. They care about being able to move any amount of any currency to anywhere in the world instantly and for free-ish #SeeMetrics

 

 

Edited February 16 by RobertHarpool

[RobertHarpool 1,226]

 

In layman's terms: 

 

Dear judge, 

The SEC lawyers met with Ripple's lawyers and couldn't short circuit a court appearance by means of settling.

..Oh, and Ripple wants to point out that the SEC is substituting all their players, so a settlement is still possible. 

Love and kisses, 

Lawyers from SEC and Ripple 

 

(Also note that there is a significant bit of internal strife at the SEC regarding this case as 2 of 4 commissioners have forcefully expressed their unhappiness with decisions made by the 4th, known as the chair. New chair coming soon.) 

 

 

Edited February 16 by RobertHarpool

[panmores 2,364]

15 minutes ago, RobertHarpool said:

Uh...no. 

To your first comment, it highlights that that the competitor (read: SEC) has substituted all players and coaches. 

Which makes the SEC case even weirder, knowing the whole team is about to be substituted - and launching the case in the very last minute with no one of the old team being around. Just shows how erratic they act.

As for your second point, of course the SEC case matters to any potential Ripple client. First off: Bradley's and Chris' reputation is tainted, without being found guilty, and the company at odds with regulators isn't a very positive signal at all even to the outside world.

[HAL1000 404]