By November 9th, the SEC and Ripple will need to work together to provide a briefing schedule that addresses the claims brought against the company for selling XRP to institutional investors.
- On Monday, XRP increased 8.14% and closed the session at $0.7149.
- Traders’ wagers on Ripple winning the SEC v. Ripple lawsuit produced a positive Monday session.
- The market’s attention will probably shift to Tuesday’s November 9 deadline for the SEC and Ripple to collaborate on proposing a briefing schedule.
The Monday Synopsis
Monday saw XRP rise by 8.14%. After rising 7.41% on Sunday, XRP closed at $0.7149.
XRP Alert: SEC v Ripple Deadline on November 9, Still No Settlement News,XRP Alert: SEC v Ripple Deadline on November 9, Still No Settlement News
Demand from buyers was fueled by conjecture on Ripple’s prospects of winning the SEC v. Ripple lawsuit on Monday.
In a settlement of institutional sales of XRP charges, lawyer and Hogan & Hogan partner Jeremy Hogan presented Ripple with a number of advantageous options on Sunday. The evaluation took into account the opinions expressed by John E. Deaton, an amicus curiae lawyer, on Saturday, November 4. Deaton stated that a $20 million fine or less would be a 99.9% success for Ripple and offered the company a 90-10 probability of reaching a favourable settlement.
In recent sessions, there has been more conjecture on the settlement. The crypto community is waiting for updates on progress made towards a briefing schedule from Ripple and the SEC. Notably, by November 9, the two sides must jointly submit a briefing schedule to the court.
If the parties cannot agree on a briefing schedule, the court will set up a disputed briefing schedule, under the October 24 court order. The focus is on remedies for the remaining charges.
There is a degree of ambiguity around a settlement if a briefing schedule cannot be agreed upon unanimously. The requirement for a contentious briefing schedule indicates that the parties have not yet reached a settlement.
As the deadline of November 9 approaches, the degree of uncertainty may put buyer interest in XRP to the test.
As investors await further information, SEC Chair Gary Gensler continues to be a highly talked-about subject.
Gary Gensler, Chair of the SEC, Startles the Legal Community
In response to a speech given by Gary Gensler on October 25, Ripple Chief Legal Officer Stuart Alderoty stated on Monday,
Surprisingly, Gensler proposed that hiring a lawyer for a cryptocurrency business is a security. Not only is that against the law, but it also defies logic. And it’s a not so subtle and outrageous threat to everyone’s right to consult with counsel.”
Despite recent legal setbacks for the SEC, Gensler persisted in adding cryptocurrencies to the securities basket in the address on October 25.
In regards to the cryptocurrency sector, the SEC Chair stated,
This industry is riddled with money laundering, frauds, bankruptcies, and fraud. While many entities in this space claim they operate beyond the reach of regulations issued before Satoshi Nakamoto’s famous white paper, they also are quick to seek the protections of the law, in bankruptcy court and litigating their private disputes.”
“I started reading it, but I couldn’t finish it since Gary Gensler is erroneous in nearly all of his statements. And the best part is that the courts are demonstrating how mistaken he is.
XRP Alert: SEC v Ripple Deadline on November 9, Still No Settlement News,XRP Alert: SEC v Ripple Deadline on November 9, Still No Settlement News,XRP Alert: SEC v Ripple Deadline on November 9, Still No Settlement News , XRP coin Crypto news, XRP coin News