The price of ripple (XRP) has been steadily rising since approximately mid-October, although it is currently experiencing load shedding. The decline is unusual given that the market as a whole has recently been rising, driven mostly by Ethereum (ETH) and Bitcoin (BTC).
It is particularly odd given the way the XRP community usually reacts to news about the ecosystem, and it suggests that members of the community were not in the best of moods while they awaited a briefing regarding their ongoing legal dispute with the US Securities and Exchange Commission (SEC).
Ripple-SEC Preparations: XRP Price Slides 5% in Response,Ripple-SEC Preparations: XRP Price Slides 5% in Response
After all, Ripple and SEC could have their day in court.
Judge Analisa Torres, who is still leading the case, has received a letter from Ripple (XRP) and the US SEC outlining a proposed timeline for remedy discovery and briefing.
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The parties “agree that permissible discoveries will include facts occurring in the period prior to the filing of the SEC’s complaint,” according to the letter. As a result, the financial regulator suggests conducting remedy-related discovery ninety days after the court’s scheduling order is entered.
This proposal is made in light of the SEC’s intention to provide specific material that was discovered after the complaint was filed because it believes it is pertinent to its requests for monetary and injunctive remedies.
However, the defendant Ripple has the right to object to the findings. The defendant would have to ask the court for an extension of the discovery deadline if the court decided to let it.
Combining forces, Ripple and the SEC decide that the payment companies may serve the commission a more prominent copy of Attorney Anthony M. Bracco’s proposed report within 45 days of the scheduling order’s entry, and the commission may depose Mr. Bracco within 90 days of the scheduling order. Invoking a sworn evidence is required here.
The ideas continue, suggesting that the two sides are getting ready for a court appearance.
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It is important to note, though, that settlements can happen at any point and are frequently the outcome of continuing negotiations that may take place in addition to the official legal procedure. It’s also conceivable that this planning is a component of the strategic positioning used to provide leverage during settlement talks.
Ripple-SEC Preparations: XRP Price Slides 5% in Response,Ripple-SEC Preparations: XRP Price Slides 5% in Response,Ripple-SEC Preparations: XRP Price Slides 5% in Response , XRP coin Crypto news, XRP coin News