As a seasoned crypto investor with a keen interest in the Ripple-SEC legal battle, I’ve been closely following this case since its inception. The recent filings and developments have added fuel to the speculation fire, as both parties await a ruling on the key issue of whether the “Fox Declaration” is standard evidence or unsolicited expert testimony.
TL;DR
- The legal confrontation between Ripple and the SEC intensifies, with recent filings focusing on whether a key witness’s declaration is standard evidence or unsolicited expert testimony.
- As both parties await a judicial ruling, speculations arise about a potential settlement this summer.
The SEC’s Actions
As a researcher delving into the intricacies of this legal battle between Ripple and the US Securities and Exchange Commission (SEC), I’ve noticed an uptick in activity over the past few weeks. This intensification can be attributed, in part, to the initiation of the trial proceedings on April 23rd.
After that date, Judge Sarah Netburn issued a fresh scheduling order primarily dealing with the motion for remedies and entering the final judgment.
On April 29, the regulatory body followed the established procedures by submitting its objection to Ripple’s request to exclude new expert evidence. This action primarily hinged on the testimony of a crucial witness named Andrea Fox, famously referred to as the “Fox Declaration.”
Previously, Ripple contended that the statement in question was an unrequested professional viewpoint, while the SEC viewed it as typical evidentiary support for calculations related to disgorgement.
“I don’t have any specialized expertise or experience to bring to this report, and I won’t be rendering any opinions whatsoever. I won’t be presenting testimony from a percipient witness either. Instead, I’ll be using simple math to analyze Ripple’s financial records and make the evidence easier for Judge Torres to understand. Based on my analysis, I recommend that the court denies Ripple’s motion.”
Furthermore, the Commission argued that the “Fox Declaration” contains information from documents produced by Ripple themselves, such as tax records and financial reports, which could be crucial in deciding the case’s final result.
Ripple Strikes Back
A few days after making its initial request, the company submitted a supplemental document. In this letter, they argued that the regulatory body had not sufficiently proven that the provided declaration was merely a summary of facts instead of an expert opinion.
“I argue that Fox’s expertise lies in her ability to elucidate complex technical knowledge or specialized information for the court’s consideration. Her role goes beyond simply performing basic arithmetic on Ripple’s financial records, as the SEC suggests.”
Ripple argued that even if Andrea Fox could be classified as a summary witness, the Commission should have made her disclosure available to us prior to the completion of the discovery phase.
Other Developments and a Possible Settlement
Earlier this week, the SEC filed its remedies reply brief and supporting exhibits under seal. The redacted and public version of the information was presented a day later.
According to American lawyer Jeremy Hogan, this action marked the end of the briefs phase. He claimed the regulator “went out with a whimper here,” adding that the legal battle has entered a stage with fewer developments, and both parties must wait for the judge’s ruling.
As an analyst, I previously projected that the lawsuit against Hogan could potentially reach a resolution this summer with a $100 million settlement. However, it’s important to note that this is significantly less than the $2 billion penalty sought by the SEC and more than the initial agreed-upon $10 million payment from Ripple.
For those eager to explore the intricacies of the case and its possible implications on XRP‘s pricing, please check out the video below.
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2024-05-10 20:23