Ripple & SEC: Updated schedule on the trial The trial is ongo | NFT / BTC / DEFI News 📣

Ripple & SEC: Updated schedule on the trial

The trial is ongoing, and attorney James K. Phelan, who is overseeing the process, has provided an updated schedule of upcoming events in the case of the U.S. Securities and Exchange Commission against Ripple on his Twitter page.

November 12, 2021 is the deadline for the exchange of expert reports on the refutation of charges.

December 6, 2021 is the deadline for the SEC to comply with most aspects of the October 21, 2021 court order regarding two disputes related to the pre-trial disclosure of evidence procedure. In particular, the resolution contains the following requirements:

1. The SEC, in response to a written survey from Ripple, should define any term in any XRP sale agreement if this term created an "expectation of profit". There are approximately 1,500 contracts. Responses should be received by December 6, 2021.

2. The SEC must answer whether "Ripple's efforts were necessary to influence the increase in the price of XRP." The response should arrive on December 6, 2021.;

3. The SEC must respond to 776 Requests for Recognition of facts that relate to Ripple's fair protection of information, but Judge Netburn gave the SEC 30 days after Judge Torres would rule on the SEC's motion to seize Ripple's fair protection of information materials to ensure these responses. If the SEC's motion to seize the materials is approved, the SEC will not have to respond to Requests for recognition of the facts;

4. The SEC must respond to 309 Requests for Recognition of facts concerning the defense of Defendants in the case of Morrison v. Nat'l Austl. Bank Ltd., 561 USA 247 (2010), that XRP sales occurred abroad. Responses are due on December 6, 2021.;

5. The SEC must answer whether the XRPL blockchain was "fully functional" when XRP distributions began in 2013, but first Chris Larsen's lawyer and the SEC need to "meet and confer" to clarify the term "fully functional". We don't know if this meeting took place, so we don't know exactly when the answer to that question will arrive;

6. The SEC responded to numerous written questions by referring to another written survey. They can't respond that way. Federal Rule of Civil Procedure Law 33 (b) (3) specifies that "each question, to the extent possible, must be answered separately and completely under oath." Judge Netburn ordered the SEC to go back and clear the answers in which she referred to the answer in the previous survey, and instead answer it separately as required

January 14, 2022 is the deadline for expert pre-trial presentation of evidence.

It remains unknown whether the following items have been completed under previous disclosure decisions:

- Ripple was ordered to write relevant messages to Slack to the 22nd bailiffs. Ripple has indicated that it may take as long as 12 weeks, so we don't know if this work has been completed;

— While Ripple's request to provide documents for preliminary clarification of purchase and sale decisions was rejected, the SEC was ordered to provide the defendants with any documents supporting the SEC attorney's assertion at the August 25, 2021 meeting that after the formal order to investigate Ripple was issued on March 9, 2019, SEC employees could no longer trade XRP. There is no indication whether this has been done, but in the absence of a follow-up on this issue, it is reasonable to assume that it has been done.