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Ripple & SEC letter to Judge Torres 15 February


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As the US slowly falls apart, its institutions becoming more politicised, more corrupt, and more dysfunctional. Being based in the US may in fact be a liability going forward. Ripple tried to say "Hey

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

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

34 minutes ago, Barefooter said:

I'll bet it settles before the end of April... just my speculation.

Or the day after Jed sells his last coin. Which may be a bit later.

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The tone of the joint letter to the judge - including that there were no settlement prospects at this time - was fully expected.  Also expected was that the parties retained the same posture that they had in the initial pleadings - with a couple of extra jabs for each side. 

It doesn't mean that the parties are not exploring and wanting to settle this case.  We will probably have to wait until Gensler gets confirmed before there will be any real settlement discussions because any settlement language will have an effect on other crypto projects - everyone in this space will be looking at the settlement language very carefully. 

But It seems that the public, which does not understand such legal matters and legal posturing, has misinterpreted the letter, and as a result we have this selloff.    

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17 hours ago, RobertHarpool said:

You speak "Punch Monkey", huh? (Reference: Croods, A New Age). So does my wife. 

(If this is too obscure of a pop culture reference for ya', it's a compliment) 

😂 great film 👍 

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2 hours ago, Alluvial said:

The tone of the joint letter to the judge - including that there were no settlement prospects at this time - was fully expected.  Also expected was that the parties retained the same posture that they had in the initial pleadings - with a couple of extra jabs for each side. 

It doesn't mean that the parties are not exploring and wanting to settle this case.  We will probably have to wait until Gensler gets confirmed before there will be any real settlement discussions because any settlement language will have an effect on other crypto projects - everyone in this space will be looking at the settlement language very carefully. 

But It seems that the public, which does not understand such legal matters and legal posturing, has misinterpreted the letter, and as a result we have this selloff.    

My reading exactly. I think the language in there that specifically states the only negotiations were between the principals that are no longer at the SEC was the big thing. 

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On 2/16/2021 at 3:19 PM, Barefooter said:

I'll bet it settles before the end of April... just my speculation.

This will soon change to June, then to October, and then September and maybe even October or later when these dates start failing.

The issue is the escrow. If Ripple is forced to burn it and not be able to sell it, it won't settle because without the escrow, they are screwed.

Brad's stated that Ripple isn't profitable without XRP sales. They have to dilute the company's stock or downsize without the escrow. And without them giving out free XRP from the escrow to Bribe people to use it, no one will adopt ODL.

This lawsuit may will be delayed into next year.

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On 2/16/2021 at 10:19 PM, Barefooter said:

I'll bet it settles before the end of April... just my speculation.

It will settle when the bull market is over so XRP can fall other 90%. Meanwhile BTC and ETH are way up from their ATHs and Brad/Chris have their accounts full of dollars. Cheers! 

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5 hours ago, Archbob said:

This will soon change to June, then to October, and then September and maybe even October or later when these dates start failing.

The issue is the escrow. If Ripple is forced to burn it and not be able to sell it, it won't settle because without the escrow, they are screwed.

Brad's stated that Ripple isn't profitable without XRP sales. They have to dilute the company's stock or downsize without the escrow. And without them giving out free XRP from the escrow to Bribe people to use it, no one will adopt ODL.

This lawsuit may will be delayed into next year.

I think the escrow is seen by too many as a problem when it doesn’t really need to be. It depends on how it is handled. If it is handled incorrectly yes, it could be a very bad thing, but if it is handled in a productive way, then it could be a very good thing. Some members here have very interesting and in my opinion good ideas about how to handle the escrowed zerps in the future. It would be nice if Ripple could do something similar like they did in the past where they were rewarding people zerps in exchange for something. Don’t remember if it was computing power to solve something or what it was, but the point is it was productive and Ripple was not selling the zerps and yet they were distributing them to the masses. Something similar to this would be a good thing to distribute the escrowed zerps and truly decentralize the system in the process over the long term. 

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