- Renowned crypto expert Ashley Prosper predicts that Magistrate Sarah Netburn will likely deny the SEC’s motion to compel post-complaint discovery in the Ripple lawsuit, sparking speculation within the XRP community.
- Ripple opposes the SEC’s requests, deeming them irrelevant and untimely, while legal experts question the motive behind the SEC’s push for additional documents, hinting at a potential setback for the regulatory body in the ongoing legal battle.
In the ever-evolving legal saga between the U.S. Securities and Exchange Commission (SEC) and Ripple, the crypto community eagerly awaits Magistrate Sarah Netburn’s decision on the SEC’s motion to compel certain post-complaint discovery. A prominent crypto expert, Ashley Prosper, has boldly predicted that the court will deny the SEC’s motion, sparking intense speculation within the XRP community.
The SEC’s motion, filed on January 11, sought to compel Ripple to provide crucial documents, including its audited financial statement from 2022-2023 and details about the post-complaint contract governing institutional sales of XRP. Ripple vehemently opposed the motion, arguing that the requests were both irrelevant and untimely. The company’s stance is rooted in the belief that reopening fact discovery, which concluded in 2021, could lead to prolonged litigation.
#XRP #XRPCommunity
— Ashley PROSPER (@AshleyPROSPER1) January 19, 2024
I think Judge Netburn will deny the SEC's motion to compel. The best the SEC can hope for, in this instance, is a hearing before the denial. https://t.co/N6iMsVFLK4
Ashley Prosper, renowned for his accurate predictions on the SEC v. Ripple case, shared his insights on Twitter, suggesting that Judge Netburn is likely to deny the SEC’s motion. He opined that the best outcome for the SEC would be a hearing before the ultimate denial, hinting at potential hurdles for the regulatory body in this legal battle.
Notably, Prosper has previously gained attention in the XRP community for filing a Freedom of Information Act (FOIA) request in 2022, seeking information on the SEC’s communication with JP Morgan regarding Ripple and XRP. Despite persistent efforts, the SEC has yet to disclose these communications, adding an air of mystery to the ongoing case.
Thanks James. Ripple says the SEC cannot show good cause why there should be further discovery concerning post complaint sales when discovery was completed in 2021 and the SEC was aware then of Ripple making post complaint sales. As usual it seeks to change its position.… https://t.co/F2r6F2chd0 pic.twitter.com/9maVZaeEQj
— bill morgan (@Belisarius2020) January 19, 2024
Adding another layer to the unfolding drama, pro-XRP lawyer Bill Morgan questioned the SEC’s motive behind seeking post-complaint documents from Ripple. Morgan posited that the SEC aims to reopen litigation to scrutinize whether Ripple’s post-complaint sales align with the Howey Test, a critical factor in determining the securities status of transactions. Ripple echoed similar sentiments in a letter to Magistrate Netburn, emphasizing the intricate analysis required for each post-complaint sale.
As the legal battle intensifies, the XRP community remains on the edge of their seats, awaiting the anticipated denial of the SEC’s motion and contemplating the potential ramifications for Ripple and the broader cryptocurrency industry. The outcome of this legal clash could shape the regulatory landscape for digital assets in the years to come.
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