xrp is about to enter the most awaited weeks in its tenure during the lawsuit as the fact discovery dates close up ripple and all its xrp holders have stuck their attention on every precise development in the ripple versus the sec lawsuit oh my god so if you want to stay up to date with all the crypto news you need to hit like and subscribe don't miss anything never ever make sure to watch this video till the end to find out how to double the money don't forget to enable all notifications to our channel to keep up with all the hottest secrets in the world of xrp in today's video we are going to be talking precisely about the upcoming events in the lawsuit these events are of utmost importance and missing out on these will serve you with regrets at the end of this video you will also be aware of xrp's immediate price prediction and if you are holding xrp how will such development affect you but before we begin please note that the information shared in this video is not intended to be taken as a piece of financial advice this video is curated solely for informational purposes you are requested to pursue your own research or consult an expert to make better investment decisions with that being said let's get into it oh yeah a lot has happened in the lawsuit which has resulted in making the courtroom session nothing but a mere piece of entertainment it might be the first time in the crypto market history that most of the highly classified government offices are inclined to intervene in the matter also this case has lit up a slight flare between the two regulatory bodies in the event of its closure the judgment of the suit would determine the fate of cryptocurrency as a whole therefore even if you are not someone who has been holding or planning to buy xrp since this matter concerns the entire market having a heads up in this lawsuit might serve you with promptness about xrp this token is insanely crucial in terms of amending the obsolete market ways that determine the transfer of money on international platforms a whole new world xrp is by far one of the most important tokens ever produced in the crypto sphere it started to get recognition and most financial institutions were inclined to adopt xrp's blockchain network to facilitate the uncomplicated and smooth transfer of money however because xrp's parent company ripple got tangled in a lawsuit with the u.s regulatory body the short-term future of xrp and ripple has turned upside down sec has alleged that ripple's executives have sold xrp as unregistered security and since xrp has been selling itself as security the digital token would be deemed to be a security and not a crypto that would subject the token to follow all laws governed by the sec on the other hand ripple was robust on his point and had taken the defense of fair notice granted directly by the constitution since the sec was not able to break through ripple's defenses sec is strategically playing its cards and has gotten a decent opportunity after the court extended their discovery date to 31st august 2021 and 16th october 2021 for the fact and expert discovery respectively a tough week the fintech company in order to prove that xrp is not a security but a digital currency had filed a motion asking the court to direct the sec in producing their internal files that would consist of all of sec's internal document conversations meetings outcomes relating to bitcoin ethereum and xrp ripple believes xrp's blockchain network is the same as that of bitcoin and ethereum therefore if the top two coins are considered as cryptos then xrp would also be considered not a security but a digital asset well even though the court granted ripple's request the sec wasn't able to provide the same until another order strictly fixing the deadline of the fact discovery date at 31st august 2021 what we can expect here is a rough week for both ripple and sec this lawsuit has drawn the attention of the highest authority of the state forcing them to make new legislation on digital assets therefore if either party to the suit wins it will definitely have a high impact on the overall market and for cryptos anything could be possible anything's possible why is this week important well the fact discovery will reveal a lot of hidden secrets of the sec according to attorney jeremy hogan the matter is about to see a mixed traffic event as the fact discovery date approaches and several documents related directly to the matter would be published the judgment on this suit which is expected to get delivered on or before the early days of 2022 will bring with itself a colossal wave that could potentially bar either side in the suit in the event of the sec winning the suit which is unlikely to happen the crypto market will have to face the wrath of the regulatory body sec might as well target bitcoin and ethereum given they are already in the ripple case with the sec's intervention in the digital market the state would likely gain more control and eventually the core concept of digital tokens being decentralized will get diminished the us government has already taken notice of the same and since investment inflows are being transferred from the mainstream financial market to the crypto market there are higher chances that a large portion of governmental revenue would get reduced therefore with the win of the sec the state will spread its hands more onto the digital assets on the flip side if ripple happens to win this suit the digital currency will have the upper hand and the sec would get affected both on personal and regulatory levels this is business to level up its game the sec filed a motion with the southern district of new york requesting the court to order ripple to produce and submit its employee messaging on business communication platform slack the sec alleged that ripple's previous production of slack messages to the sec was incomplete as per the regulatory body the missing records include over 1 million messages terabytes of data because it would convey ripple's internal communication such detail would act as a testimony that ripple employees communicate at least as often by slack as by email and would serve as critical information that wasn't part of emails or other documents provided by the fintech company ripple was supposed to produce such information on 16th august however ripple formerly opposed the sec's motion to compel to deliver terabytes of slack communication via a letter the sec's exceptional demand calls for an extensive and costly fishing expedition likely to take months and cost a great deal the unreasonable request made by the sec was also unreasonably duplicate of over 1 million discovery pages of ripple's extensive production what including email papers sms communications and responding slack messages for 33 guardians ripple also submitted a motion to seal exhibits linked to the motion of the sec and opposed the sec's own motion to the effect that its communications with slack would remain confidential in view of their sensitive business information the sec in trouble matthew solomon had sent a letter to judge sarah netburn requesting her to help the discovery dispute because the fact discovery date is closing in and the regulatory body has many documents yet to be delivered also sec has filed its opposition to ripple's motion challenging sec's improper assertion of the deliberative process sec argues that the deliberative process privilege is a critical governmental privilege created to promote the quality of the agency decision by preserving such data the theory behind defendant's motion appears to be that non-public and privileged comments by sec employees that defendants never saw including about digital assets other than xrp are relevant but what director hinman told ripple's representatives about xrp is not added the sec to prove xrp is the same as that of bitcoin and ethereum the company cited a speech by its former division of corporate finance director william hinman where he said that bitcoin and ethereum are not securities the judge found william's deposition important to the case and thereby ordered the same however interestingly his deposition is nowhere to be found on the web ripple's counsel reid feigl alleges that the transcript should include the most recent sec motion in regard to the privileged dispute between the agency and ripple and individual defendants and that was deleted by the sec william hinman's answer to the question other than the difficulties with respect to ripple can you identify any other lawyers who came to you not requesting a no action letter but seeking advice with respect to transactions in digital assets was omitted from the sec document on page 96.

Gary gensler on digital assets the present sec chair says every ico is a security cryptocurrencies are listed via an initial coin offering which violates the u.s securities laws after ico investors anticipate profits and therefore the tokens of the crypto market are mostly unregistered securities he also said that these tokens might allow market manipulation which could turn harmful to investors now it is on the court to decide whether xrp is a digital coin or not especially with the pending bill xrp is unlikely to be specified as securities what does the technical say xrp is trading at 1.12 dollars with a green of 0.40 change in the last 24 hours it is expected that the token is likely to continue its impressive rally and might move towards the resistance barrier at 1.70 given its current buying pool overall ripple's positive growth is inevitable and being someone who would be with xrp after the token becomes the global transfer currency would be the most beneficial that is all for today's video we hope you enjoyed watching it please drop a like and subscribe to the channel comment below your prediction for xrp and we will see you all in our next one

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