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Memorandum of Law in Opposition to @Ripple 's Response to Motion to Intervene by #XRPHolders.


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I always said that the lawsuit would take months to resolve. Gensler has been settled in for a while now at the SEC and his first response to the litigation? Bringing in reinforcements for the hapless

I assume this kind of tactic/request is standard for the SEC. They have essentially infinite time and resources so why not use that leverage and try to bleed their opposition for the most money possib

7 minutes ago, Wolfaolyth said:

Well, worth reading it.

SEC seems angry and reiterates his treats against investor.

They also use blackmail strategy : if you let them participated we will extend in time the lawsuit.

 

 

 

Interesting. Gensler outs himself by a complete slave to the system if he gives green light to such tactics. Am with Deaton, there's only one way to deal with such a bully. Oh and Ripple if needed keep a whole month's escrow to pay for lawyers. SEC  belongs put in bounds.

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GG could have dropped this case the moment he sat down at the SEC, he did not, it makes me wonder what the SEC are really about. When the SEC pronounced Ripples defence was sufficient to protect XRP investors and then threatened investors for trying to intervene in the case, they not only showed their true colours, they also showed that INVESTOR PROTECTION is not what the SEC are really about at all. So what are the SEC really about... are they just an old guard watchdog protecting elites, under the banner of justice for all, this is an agency that shows institutional crime does exist.

 

 

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3 hours ago, HAL1000 said:

GG could have dropped this case the moment he sat down at the SEC, he did not, it makes me wonder what the SEC are really about. When the SEC pronounced Ripples defence was sufficient to protect XRP investors and then threatened investors for trying to intervene in the case, they not only showed their true colours, they also showed that INVESTOR PROTECTION is not what the SEC are really about at all. So what are the SEC really about... are they just an old guard watchdog protecting elites, under the banner of justice for all, this is an agency that shows institutional crime does exist.

 

 

I think Gensler does not really have that choice.  He has to transition, which means carry on from where the last admin left off, support the staff and make a smooth takeover to his new administration. 

My guess is he is trying to get a settlement.  Until the settlement is signed he has to fight and keep his sides options as strong as possible, otherwise Ripple will roll over him.  He has to grasp at every defence tactic he has got.

My assessment is that he is fighting on two fronts and losing on both, so his position is very weak and full of contradictions.  I guess he just does what his lawyers advise whilst he works behind the scenes with Ripple to wind the case down.

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1 hour ago, RobertHarpool said:

"Should the Court allow Movants to participate as amici with the ability to present evidence, the SEC respectfully requests a simultaneous order extending the discovery deadlines by four months ..." 

That doesn't sound like they're in a settling mood to me. 

SEC want to settle without delivering the discovery documents, which means before they deliver the documents which is likely full of incriminating evidence about Hinman and Clayton's corruption.   Of-course they will use every tactic available to delay handing over documents, because it gives their side leverage in negotiation.  Ripple want a settlement now  so that they can resume trading ODL.

SEC are grasping a straws.

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Posted (edited)

@PabloDo you have any views on the most recent updates in the lawsuit against Ripple? Have your views changed at all, and how long do you see things dragging out? I remember your being quite pessimistic with the overall outcome of this case, comparing it to the KIK/KIN case. Are you any more optimistic now? As lay people, everything we are reading is very bullish for Ripple. Would love a more balanced view.

Edited by djdhrubs
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I assume this kind of tactic/request is standard for the SEC. They have essentially infinite time and resources so why not use that leverage and try to bleed their opposition for the most money possible so that they feel it in their pockets?  Ripple Chris and Brad have some great lawyers, but the flip side of that is that they are EXPENSIVE.  This might be irritating Chris and Brad because of how much money it’s costing them, but Ripple the company keep fight the stall a lot longer than most that the SEC usually brings suit against.

just my two cents. I’m not a lawyer nor do I know anything about how these things work.

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3 minutes ago, Gorgalosk said:

I assume this kind of tactic/request is standard for the SEC. They have essentially infinite time and resources so why not use that leverage and try to bleed their opposition for the most money possible so that they feel it in their pockets?  Ripple Chris and Brad have some great lawyers, but the flip side of that is that they are EXPENSIVE.  This might be irritating Chris and Brad because of how much money it’s costing them, but Ripple the company keep fight the stall a lot longer than most that the SEC usually brings suit against.

just my two cents. I’m not a lawyer nor do I know anything about how these things work.

Actually I do not think they have time. This scandal has got legs now and if they let it go on running they will find they have their reputation trashed.  Gensler's credibility is also on the line.  He has to navigate SEC out of this mess he has inherited and save SEC's face.

To my eye's Ripple couple let this run for another 6 months, but SEC have a time problem.

 

Also SEC do not want to release those discovery documents because they could well have incriminating evidence of serious corruption within their exec.   That is one can of worms they do not want anyone outside their organisation seeing.

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7 minutes ago, Julian_Williams said:

Actually I do not think they have time. This scandal has got legs now and if they let it go on running they will find they have their reputation trashed.  Gensler's credibility is also on the line.  He has to navigate SEC out of this mess he has inherited and save SEC's face.

To my eye's Ripple couple let this run for another 6 months, but SEC have a time problem.

 

Also SEC do not want to release those discovery documents because they could well have incriminating evidence of serious corruption within their exec.   That is one can of worms they do not want anyone outside their organisation seeing.

I don't think the 95% of the world who has never touched crypto cares or even knows about this lawsuit. Hell, a lot of people in crypto would love to see Ripple get screwed by the SEC. And who's going to be scandalized by finding out that their government officials are corrupt? While I agree with you that the SEC would rather not turn over its documents in discovery, I don't think it's in the panic mode you're describing.

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14 minutes ago, Julian_Williams said:

Actually I do not think they have time. This scandal has got legs now and if they let it go on running they will find they have their reputation trashed.  Gensler's credibility is also on the line.  He has to navigate SEC out of this mess he has inherited and save SEC's face.

To my eye's Ripple couple let this run for another 6 months, but SEC have a time problem.

 

Also SEC do not want to release those discovery documents because they could well have incriminating evidence of serious corruption within their exec.   That is one can of worms they do not want anyone outside their organisation seeing.

I honestly don’t know. My wife’s an attorney but doesn’t deal with stuff like this at all so it’s pure conjecture on my part. 

My personal opinion is the SEC isn’t scared of corruption being revealed, just their general incompetence that makes them look dumb and completely arbitrary in their enforcement. 
 

Your guess in Gensler is as good as mine. He’s the chairman of the SEC so I’m sure this is on his radar, we just don’t know exactly how high on his radar it is. It’s an important job obviously and he has a lot to deal with.  I don’t know if he’s exactly staying awake in bed thinking about the Ripple case. We’d love to think that, but the reality is that our discourse here is in a big bubble so it’s hard for us to adjust that line of thinking and try and guess GG’s priorities.

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1 hour ago, Gorgalosk said:

I honestly don’t know. My wife’s an attorney but doesn’t deal with stuff like this at all so it’s pure conjecture on my part. 

My personal opinion is the SEC isn’t scared of corruption being revealed, just their general incompetence that makes them look dumb and completely arbitrary in their enforcement. 
 

Your guess in Gensler is as good as mine. He’s the chairman of the SEC so I’m sure this is on his radar, we just don’t know exactly how high on his radar it is. It’s an important job obviously and he has a lot to deal with.  I don’t know if he’s exactly staying awake in bed thinking about the Ripple case. We’d love to think that, but the reality is that our discourse here is in a big bubble so it’s hard for us to adjust that line of thinking and try and guess GG’s priorities.

I am just an outsider too, and with no experience of court cases.

From what I have heard at the moment this case dwarfs everything else being dealt with by SEC by an order of magnitude, and it is a very big deal for SEC.  The case is getting traction and the media  and the political classes (the Senate) are already on SEC's back.  It is already being presented in National newspapers and Forbes as being much more than about XRP/Ripple, and attracting attention because it is an example of seemingly corrupt high level SEC execs working with the Chinese against the interests of the US.  It is also getting mixed in with the Elon inspired Green Swan event that is now hitting BTC.   SEC are finding themselves in the eye of a storm. 

This case is hot and on the edge of doing catastrophic damage to the standing of both SEC and Gensler.  Just my opinion and reasons for my opinions as an armchair amateur outsider.

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