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Ripple v. SEC court case update as of May 2, 2024

Ripple v. SEC court case update as of May 2, 2024

With the cryptocurrency sector at the edge of its seat regarding the final outcome of the courtroom standoff between the United States Securities and Exchange Commission (SEC) and Ripple, the regulator has filed its opposition to the blockchain company’s Motion to Strike its new expert materials.

Indeed, after Magistrate Judge Sarah Netburn set the schedule for the two sides to argue the use of the SEC’s expert materials, the securities watchdog has filed its opposition to Ripple’s reasoning, according to the X posts by defense attorney and popular commentator on the case, James K. Filan on April 29.

‘Not an expert testimony’

Specifically, the SEC’s legal team’s five-page explanation as to why the court should deny Ripple’s Motion to Strike asserts that the declaration by summary witness Andrea Fox did not constitute undisclosed expert testimony as the blockchain firm argued, stressing that:

“It is not an expert’s 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 the evidence to Judge Torres.”

Furthermore, the agency highlighted that Judge Analisa Torres had previously already allowed and cited in the summary judgment another SEC summary witness declaration “over Ripple’s identical objection that it constituted an expert report,” referring to the testimony by the SEC’s accountant Christopher Ferrante.

Finally, the securities regulator pointed out that the “Court’s remedies discovery order did not require disclosure of summary witnesses before remedies briefing,” which means that the “SEC did not violate any rule or order by submitting a summary witness declaration,” therefore “Ripple can claim no surprise or prejudice here.”

Recent Ripple SEC news

As a reminder, Ripple had earlier filed a Motion to Strike the SEC’s new witness materials, arguing that Fox’s declaration represents ill-timed “sandbagging,” as well as opposing the $2 billion in damages over institutional XRP sales and arguing that the regulator has failed to prove reckless disregard for the law. 

Afterward, Judge Netburn gave the SEC until April 29, 2024, to file its response to Ripple’s motion, after which the crypto company had three business days to file a response according to the deadline that will be due soon, as per the information that Finbold reported on April 26.

Meanwhile, XRP, the token at the center of the prolonged court case, was at press time changing hands at the price of $0.51331, which suggests an increase of 6.55% on the day, as it moves to reverse the 2.17% loss from across the week and the 13.75% decline from its monthly chart, as per data on May 2.

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