New Update on Ripple and SEC Case: What is the Latest Situation, What Do Experts Say?

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Ripple and its legal dispute with the SEC appears far from over. The blockchain company, on the other hand, filed further filings to support its request to rescind the new expert materials and respond to the securities watchdog’s opposition to this request.

As a matter of fact, after the SEC opposed Ripple’s request to strike out the statement of the regulatory agency’s witness Andrea Fox, arguing that it did not constitute undisclosed expert testimony, Ripple’s legal team, according to the document shared by defense attorney James K. Filan on May 2. A letter supporting your request presented.

Specifically, the document argues that “the SEC failed to show that Andrea Fox’s statement was summary evidence rather than expert testimony or was timely made pursuant to the Court’s scheduling order.”

Ripple’s Counter-Arguments

As Ripple’s lawyers explain, “Fox is an expert because he claims to have used his ‘technical or other expert knowledge’ to ‘help understand the evidence or determine a fact in the matter.’ It does not simply apply basic arithmetic to Ripple’s financial records, as the SEC claims.”

“Rather, it analyzes Ripple’s records, third-party evidence, and expert reports; draws inferences and conclusions about these documents; and calculates disgorgement, prejudice interest and discount amounts based on its analysis.”

Ripple’s legal team used wordplay to defend its side of the regulator after listing various examples to prove that Fox’s statement was in fact expert testimony, including his qualifications as an accountant “just to show that he could do basic arithmetic” as part of his statement. accused of using it.

“The agency argues that because it reserves the right to ‘submit a summary witness statement’ rather than ‘submit a rebuttal expert report,’ it can wait until the resolution is proposed to do so. If the SEC truly means by ‘submission’ to set the stage for a summary witness statement after the close of discovery, its proposal is misleading.”

Meanwhile, Magistrate Judge Sarah Netburn’s deadline for the SEC to file its response is May 6. According to legal expert Bill Morgan, “Ripple will lose the case, but the judge will accept that Fox gave some expert evidence and allow Ripple to take his deposition.”

According to the latest data, XRP, the token at the center of the Ripple and SEC courtroom standoff, is trading at $0.54 at press time, up 2.57% on the day and week as it moves to reverse the 8.89% loss accumulated over the past month. It gained 7.78% in value.


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