Important Ripple V. SEC Lawsuit Update: Parties Cross Swords Over A Key Witness Testimony

The legal wrangling between Ripple and the US Securities and Exchange Commission (SEC) is becoming increasingly acrimonious. Despite the crypto sector eagerly awaiting an outcome, the case grows more complicated with each passing day.

In a recent move, the SEC filed its opposition to Ripple’s motion to strike new expert materials, including a testimony known as the ‘Fox Declaration,’ which Ripple claimed represents unsolicited expert opinion.

However, the SEC countered this argument, stating that it was a common process akin to standard summary evidence in support of calculations for disgorgement.

The SEC insisted, ‘It’s not an expert report, does not rely on specialized experience, and does not render any opinions at all, let alone an “expert” one. Nor does it present the testimony of a percipient witness. Rather, it applies basic arithmetic to Ripple’s financial records to streamline the presentation of evidence to Judge Torres… The court should deny Ripple’s motion.’

The SEC also said that the ‘Fox Declaration’ consists of information derived from Ripple’s own documents, including tax returns and financial statements, which can be useful for determining the case’s outcome. The SEC also reminded that this very argument was already struck down by Federal Judge Torres earlier.

XRP Lawsuit: Whales Shift 74M XRP Amid Approaching SEC Deadline, What’s Next?

Just before the SEC’s deadline in the Ripple lawsuit, there was significant whale activity, with transactions affecting over 74 million XRP, leading to increased speculation about the motive behind this move. However, XRP prices have taken a hit, more due to a global crypto market sell-off and significant whale movements. Later in the day, the SEC is expected to file its reply in the Ripple case.

It was an eventful day, with major crypto assets facing the heat and values tanking. XRP prices have dropped by 4%, but major whale activity involving significant transfers of XRP, totaling $15.92 million to Bitstamp by unidentified whales, has experts talking and wondering about the real motive behind this action. Coupled with the uncertainties around the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the future of the crypto sector hangs in balance with the final result of this legal wrangling.

Also Read: Philips Settles for $1.1 Billion Over Sleep Apnea Device Recall Linked to Cancer Risks

Manoj Nair

Manoj Nair: With a decade of news writing across various media platforms, Manoj is a seasoned professional. His dual role as an English teacher underscores his command over communication. He adeptly covers Politics, Technology, Crypto, and more, reflecting a broad and insightful perspective that engages and informs diverse audiences.

Related Articles