RIPPLE RESPONDS
I’ve been asked to provide my thoughts on @Ripple’s Answer. I quickly looked over the Answer late last night. It’s 93 pages and I spent less than hour reading it over so please take that into consideration. I plan to review it in much more detail in the coming

days and will likely revisit these initial thoughts. Before I provide any thoughts, I should warn you that if you ask 3 different attorneys to respond, you are likely to get 3 different opinions. Also, I always provide my honest assessment even if it’s not what I know people want

to hear. Personally, I was disappointed in the Answer. My disappointment means nothing and has no impact on the issues. In fact, if this case is going to trial, I would have advised Ripple to Answer the Complaint much like it did. My disappointment isn’t a reflection regarding

the skill of Ripple’s trial lawyers or in-house counsel @s_alderoty or regarding the merits of the defense. Ripple’s lawyers know much more than I do with respect to securities’ laws. I’m disappointed because, after reading the Answer, I’m less confident that a settlement will

transpire within the next 6-9 months. Instead, it looks like it may be a very long legal battle ahead. There are two ways to write pleadings in Court. One way is what’s called Notice Pleading. All you have to do is to provide the minimum amount of information necessary to provide