In a recent YouTube video, crypto influencer Dusty talks about the ongoing Ripple versus SEC lawsuit and points out that most people outside the US do not care about the SEC suing Ripple. He criticizes the SEC for hurting investors more than they have helped them and suggests that they should have done more research into crypto before starting the lawsuit. A summary of the latest development in the lawsuit is also provided, with parties submitting responses for the last phase of the lawsuit temporarily under seal. The secrecy will be lifted on October 24th, revealing the replies from each party.
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Introduction
Hey guys what is up it’s dusty here and welcome back to another crypto video. Today we’re talking again about Ripple and xrp. There are a couple of things going on that I think are crazy interesting so I need to share them with you guys.
Question for Viewers
I have a question for every single person watching this: what year did you start investing in crypto? Let me know in the comments down below and if you enjoyed this video afterwards make sure you press that like button.
SEC Lawsuit
Most people outside the United States don’t really care at the SEC is suing us. I’ll tell you a very quick funny story. I was in the Middle East last fall and you’re meeting with customers. I have a one of the Ripple team members who’s based there, it’s really early in the morning my time zones are all screwed up or me to the CEO of a payments company and uh you know the employee from Team Ripple says well why don’t you give an update on what’s going on Ripple and I start talking about the SEC and after the meeting he very delicately says to me no one gives a bleep and his point was if you’re not in the United States you know the government’s in the Abu Dhabi governments in Switzerland Singapore uh UK Japan they provided the clarity how they view and categorize digital assets and they don’t care that the United States SEC has a viewpoint that is you know pending in court.
Reality of SEC vs Ripple
Most people that video was a good little example of what actually going on in the back end of things. In reality, the whole Ripple versus SEC problem lawsuit is pretty garbage if you think about it. It’s not as if the SEC is fighting the battle of the cryptos even though they’re making it seem like they are with suing Ripple with all these grave consequences because in reality the majority of other countries in the world don’t share the same opinion that the US SEC has and so the way in which the US SEC is twisting it it’s like this case here is going to put on the map what xrp is forever but you have to be a little bit more specific. This case is going to put on the map for the U.S what xrp is going to be and for the U.S what crypto is going to be as it’s going to have some very grave consequences but only in the US.
SEC’s Role
The SEC should be an entity that is there to protect the U.S investors or at least the protectors of said country specifically the U.S SEC for the U.S investors. They’re not doing their job properly because in the whole wake of the Ripple lawsuit they’ve hurt more investors than they’ve helped, they’ve caused way more harm than they’ve done good and honestly even if they think Ripple is bad you have to pick the lesser of two evils either you’re going to take a company down that’s going to take make way more damage to everybody with a potential to be right or you’re going to research it first with a potential to in that midst of term be wrong but potentially not harm all the people in case you were I guess wrong.
Current Status of Lawsuit
Now to not stay stuck on this though here’s what’s actually going on in the Ripple V SEC lawsuit right now and what you need to prepare for. There’s a little summary of things but just know that there could be a couple of new entries to this list as things get figured out and that was for example the case on October 11th they didn’t yet know that October 14th there were going to be another couple of documents added to this list which had to do with ijets or I think it’s ijets no tab Jets and I remit they basically those two companies Utilize xrp and they wanted to join the court now what’s going on is parties out all materials leading to our positions to summary judgment motions temporarily under seal that’s the most important thing what’s basically happening is over the next couple of days we’re gonna see some responses for the last phase of the Lawsuit again as you guys probably remember we have fact Discovery expert Discovery summary judgment right now in phase three of three we hope and that three of three phase has three main parts the initial briefings the opposition so basically a response to these initial briefings plus a further Reply to that one again right now this is basically phase two of a three phase plan and even though tomorrow let’s say in two days potentially tomorrow already we’re gonna see those oppositions filed they’re going to be filed under seal meaning we’re not going to be able to See everything just quite yet until a couple days later most likely you can see October 20th they’re going to meet up and basically discuss what can we make public and then on the 24th so four days later yet again we are all able to see a little bit of a dimmed version but we’re all able to see exactly what the responses are and most likely here is where the majority of the dirt digging is actually going to be put to light.
