Ripple versus SEC Summary Recent Developments and Market Effects

Ripple contests SEC’s failure to substantiate Andrea Fox’s testimony as mere summary evidence, not expert opinion.
Ripple’s motion to seal and redact financial documents ignites further dispute.
Since its inception in December 2020, the legal battle between Ripple and the US Securities and Exchange Commission (SEC) has been a tumultuous ride. A series of court dramas and legal conflicts ensued after the SEC accused Ripple of conducting an unregistered securities offering by raising over $1.3 billion through XRP sales.
Ripple vs. SEC: Clash Over Crucial Testimony
On April 23, 2024, the case transitioned into the trial phase as Judge Sarah Netburn issued a new scheduling order focusing on the request for remedies and final judgment entry. Both parties submitted the necessary documents and information to aid in resolving the matter.
However, disagreements persisted, particularly regarding Andrea Fox’s testimony. Ripple argued that Fox’s statement was an unsolicited expert opinion, while the SEC contended it was standard summary evidence for calculating disgorgement.
On April 29, the SEC opposed Ripple’s plea, asserting that Fox’s testimony was based on basic math applied to Ripple’s financial data. Ripple claimed that Fox utilized specialized knowledge beyond simple arithmetic and that the SEC failed to disclose her before the discovery process concluded.
Further Dispute
Another issue arose when Ripple requested to redact and seal certain financial records related to the SEC’s motion for judgment and remedies, as per reports from Crypto News Flash. The SEC argued that this information should not be sealed as it constituted crucial court documents essential to the case.
While Ripple argued that previous agreements were irrelevant due to recent procedural changes in their XRP sales, the SEC insisted that this information was vital for understanding Ripple’s past XRP transactions.
The complexity of the legal proceedings and potential appeals could prolong the resolution, even after entering the trial phase. Speculations from American lawyer Jeremy Hogan suggest a possible $100 million settlement by summer.
With three partial victories in court for Ripple last year, each followed by a surge in XRP’s price, the SEC now finds itself in a disadvantaged position in this legal battle.
Meanwhile, data from CoinMarketCap indicates that the price of XRP currently stands at $0.4997, with a 4.67% drop in the past 24 hours and a 3.69% decrease over the previous week. Previously, Stuart Alderoty, CLO of Ripple, criticized the SEC for utilizing public funds in futile legal pursuits.
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