Ripple v. SEC Trial: Week Two Recap

[BitTorrent]

ripple v. SEC Trial: Week Two Recap


TL;DR

• The legal wrangling between Ripple and the SEC is intensifying, with recent filings focusing on whether a key witness’ statement is standard evidence or unsolicited expert testimony.
• While both sides await the judicial decision, speculation is emerging about a possible agreement being reached this summer.

SEC’s Actions


The legal case between Ripple and the US Securities and Exchange Commission (SEC), dating back to December 2020, has intensified over the past few weeks. An important reason why both sides took so many actions is that the trial process starts on April 23.

Shortly after this date, Judge Sarah Netburn made a new planning order focusing on proposals for resolution and the making of a final decision.

It complied with regulatory rules on April 29. filing He opposes Ripple’s move to release new expert materials. This effort focused on the testimony of key witness Andrea Fox (known as the “Fox Declaration”).

While Ripple previously argued that the statement represented an unsolicited expert opinion, the SEC described the process as “standard summary evidence supporting impairment calculations.”

“This is not an expert report, it is not based on expert experience and does not offer any opinion nonelet alone the “expert” one. It also does not present the testimony of a sympathetic witness. Instead, basic arithmetic is applied to Ripple’s financial records to facilitate the presentation of evidence to Judge Torre.S… “The court should reject Ripple’s request,” the agency insisted.

Moreover, the Commission claimed that the “Fox Declaration” consisted of data obtained from the documents created. by Ripple itself, including tax returns and financial statements useful for to determine the outcome of the case.

Ripple Returns


A few days later the company filed a letter as more support first request. He noted that the observer had failed to show that the statement was summary evidence rather than expert testimony:

“Fox is an expert because he claims to use technical or other specialized knowledge to help the fact seeker understand evidence or determine a fact in issue. “He does not merely apply basic arithmetic to Ripple’s financial records, as the SEC claims.”

Ripple went further and suggested that Andrea Fox could achieve this. to be categorized As a summary witness, the Commission was unable to disclose him before the conclusion of the discovery process.

Other Developments and Possible Solution


SEC earlier this week filed solutions respond to short and sealed supporting exhibits. A redacted and publicly available version of the information is provided a day later.

According to American lawyer Jeremy Hogan, this action marked the end of the briefing phase. Hey requested the regulator “went out whining here”, adding that the legal battle had entered a phase where there was less development and both sides should await the judge’s decision.

hogan previously He predicted the case could be officially closed this summer after a $100 million settlement. This Much less than the $2 billion fine wanted by the SEC and much more than the $10 million Ripple agreed to pay.

For those who want to dig deeper and learn the details of the case and its potential impact on the XRP price, feel free to check out our video below:



SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive a special $600 welcome offer on binance (full details).

LIMITED OFFER 2024 for CryptoPotato readers on Bybit: Use this link to sign up for Bybit Exchange for free and open a $500 BTC-USDT position!

#Ripple #SEC #Trial #Week #Recap