As a researcher with a background in law and finance, I find the ongoing legal battle between Ripple and the SEC intriguing. The latest development in this case is particularly noteworthy, as the regulator has contested Ripple’s request to dismiss new expert materials.
TL;DR
- The SEC contested Ripple’s request to dismiss new expert materials, claiming they are standard calculations from the firm’s own financial records.
- Speculation persists about the lawsuit’s resolution, with predictions of a possible $100 million settlement by this summer, far below the regulator’s initial demands.
The SEC Strikes Again
The highly anticipated trial between Ripple and the SEC has commenced, with many in the industry hopeful for an imminent conclusion to this prolonged legal dispute. However, rather than reaching a settlement, the conflict continues to generate more friction instead.
Recently, the regulatory body has submitted its objection to Ripple’s request to dismiss new expert evidence. This opposition centers around a testimony given by witness Andrea Fox, referred to as the “Fox Declaration.” Previously, Ripple contended that this declaration constituted an unsolicited expert opinion.
The SEC rejected this characterization, referring to it as a “routine compilation of evidence used in calculations for disgorgement.”
The SEC argued that the document in question is not an expert report, does not involve any specialized knowledge or judgement, and does not contain any opinions or testimonies from witnesses. Instead, it simply uses simple mathematics to analyze Ripple’s financial records for the court’s consideration. Therefore, the judge should reject Ripple’s motion.
The agency contended that the “Fox Declaration” comprises data drawn from documents produced by Ripple itself, such as tax returns and financial statements, which are valuable in deciding the case’s outcome.
Previously, the SEC reminded us that Judge Torres had already dismissed the same objections we’re raising now in a previous ruling.
“Similar to Judge Torres’ ruling in summary judgment, the Securities and Exchange Commission (SEC) determines that Ripple’s objection to the Fox Declaration should be denied.”
Incoming Settlement or a Strategic SEC Move?
The latest development on the Ripple v SEC front was shared on X by James K. Filan, a defense lawyer and former federal prosecutor. Numerous users commenting below the post opined that this is yet another attempt by the regulator to postpone the outcome of the case.
In contrast, American attorney Jeremy Hogan believes the resolution of the ongoing lawsuit between Ripple and the SEC is imminent. He anticipates the case will be formally concluded this summer. Moreover, Hogan envisions a settlement worth $100 million, which is significantly less than the $2 billion the SEC initially demanded but much more than Ripple’s proposed amount.
The judge is expected to rule against requiring Ripple to give back any ill-gotten gains, but as a concession, he will impose a fine of $100 million on Ripple, according to Hogan’s statement.
For those with an interest in deepening their understanding of the ongoing lawsuit and its possible consequences for XRP‘s value and the broader cryptocurrency sector, we invite you to watch the insightful video we’ve prepared below.
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2024-04-30 11:24