Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => XRP - Ripple Forum => Topic started by: Mahindra on June 16, 2021, 04:38:24 PM
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A judge overseeing discovery in the U.S. Securities and Exchanges Commission’s lawsuit against Ripple Labs has granted the SEC’s request to extend deadlines by 60 days as well as a request by co-defendants Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen to obtain information from 16 cryptocurrency exchanges outside the United States.
Fast facts:
In a ruling on June 14, U.S. Magistrate Judge Sarah Netburn extended the deadline for the warring parties to complete fact discovery and expert discovery by Aug. 31 and Oct. 15 respectively. Discovery is the formal process of exchanging information between the parties in litigation. The SEC made the request, saying the agency needed more time to investigate and review documents produced by Ripple. However, Ripple had opposed the SEC’s request, calling the delay “an existential threat” to its business in the United States.
Separately, Netburn granted a request from Ripple’s CEO Brad Garlinghouse and executive chairman Chris Larsen to obtain documents related to their XRP accounts and XRP transactions from 16 foreign cryptocurrency exchanges. Garlinghouse and Larsen have argued that their XRP sales were “overwhelmingly made” on cryptocurrency exchanges outside the United States and that “the SEC’s failure to allege domestic offers and sales should be fatal to its claims for the reasons set out in the Individual Defendants’ respective Motions to Dismiss.”
Jesse Hynes, general counsel at Gala Games, said on Twitter: “I feel very positive about the result of this lawsuit, just not the timeline. Ripple may very well lose this suit, but the overall effect could still be a win for Ripple and the crypto space as a whole… So, a result of this lawsuit could be learning that while Ripple sales are investment contracts, secondary sales aren’t — meaning that exchanges can relist. Then Ripple will just continue selling outside of the U.S and everything will resume as normal.”
information (https://www.google.com/amp/s/forkast.news/sec-ripple-xrp-ruling-discovery-extension-foreign-exchanges/amp/)
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Ripple continues to be audited and this seems to be a constant warning for Ripple, this storm from Ripple coins is really difficult to stop and I am very moved to see these trials on Ripple coins.
I wish the US courts weren't too strict with Ripple because I don't like it but if the US courts succeed in auditing Ripple then one day Ripple will go to the Moon.
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The 16 foreign exchanges are very many and of course every 1 exchange has different rules for all of them and of course this will also have a positive effect for RIpple if each exchange provides a good record for RIpple in every trade.
This seems to be going on and of course the 16 exchanges are a lot and of course I will also feel very confused if given a problem like this in the business that I have.
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I see that the case of this Ripple coin is really very large because it is able to bring to court in the US and this Ripple coin seems to be very centralized and requires a super flexible audit so that it is able to secure the assets of other investors who have bought Ripple coins from the start.
But if the #DevelopmentTeam of this Ripple coin escapes the various problems that exist, it is certain that one day the Ripple coin will soar because it has passed the regulations that have been emphasized by the SEC in the cryptocurrency space.