As a seasoned crypto investor with a background in law and finance, I’ve been closely following the Ripple vs SEC case with great interest. The latest development regarding the SEC’s opposition to Ripple’s motion to strike the Fox Declaration is an intriguing turn of events.
Ripple vs. SEC Update: In response to Ripple Labs’ attempt to dismiss the declaration of Andrea Fox (Fox Declaration) and attached exhibits in the ongoing XRP institutional sales dispute, the U.S. Securities and Exchange Commission (SEC) has filed an opposition. The SEC argues that the Fox Declaration should not be classified as an expert report but rather considered a compilation of information or a summarized account.
The SEC argued that the Fox Declaration qualifies as “admissible summarized evidence” under legal guidelines, akin to the Ferrante Declaration approved by Judge Torres. There is no breach of federal civil procedural rules in this case.
Lawyers on Expert Witness Motion in Ripple Vs SEC
According to Bill Morgan, the lawyer representing Ripple in this case, the Securities and Exchange Commission (SEC) is contesting Ripple’s motion based on the argument that the Fox Declaration is not expert evidence but rather a summary of financial records. Furthermore, Ripple did not challenge the accuracy of this summary. Additionally, the SEC maintains that Fox did not offer an opinion in her declaration, but merely repeated what her legal counsel instructed her to say regarding certain institutional buyers experiencing monetary losses while others received greater discounts.
As a researcher examining the SEC’s case against Ripple, I have come to the conclusion that Morgan’s assessment of the institutional buyers’ pecuniary harm argument for disgorgement is questionable, irrespective of the outcome. To put it simply, it seems rather subjective and debatable for someone to claim they suffered financial harm because they didn’t make as much profit as another party in a contract.
Fred Rispoli expressed confidence that Ripple would prevail in the discovery motion, but he wondered why they hadn’t filed it earlier, considering they could have submitted a motion to strike ahead of the March briefing. Rispoli pointed out that both parties, Ripple and the SEC, possess relevant case law regarding summary witnesses. He speculated that Judge Netburn might permit the Fox declaration if Ripple had not previously requested the deposition.
Ex-SEC securities attorney Marc Fagel holds a different perspective, expressing his initial assessment of Ripple’s motion as “misplaced to a greater extent than I initially assumed.” He anticipates that the court will impose penalties significantly less than $2 billion. However, he declined to comment on the fairness of a potential total fine of $10 million.
Fagel anticipates that there will be interest from both parties, the SEC regarding XRP‘s programmatic sales and Ripple concerning XRP’s institutional sales, in the upcoming months of the Ripple vs SEC lawsuit. The case is expected to progress to the Second Circuit Court of Appeals next year.
A former SEC lawyer, James Farrell, explained that it’s common for a non-lawyer to create summary charts during investigations to avoid potential privilege issues when parties like Ripple may be called upon to testify.
As a researcher studying the ongoing legal proceedings between Ripple and the Securities and Exchange Commission (SEC), I’ve come across an intriguing observation. Ripple previously attempted to raise the same issue in summary judgment briefings before Judge Torres, but unfortunately, they neglected to mention this fact when appearing before Judge Netburn. This oversight could potentially undermine their credibility in the courtroom.
XRP Price Rebounds Slightly
The price of XRP surged past the 1% mark within the previous 24-hour period, now standing above $0.51. The lowest and highest points during this timeframe were at $0.500 and $0.519 respectively. Moreover, there has been a noteworthy uptick of 15% in trading volume over the last day, implying heightened attention from traders.
Over the past 24 hours, the derivatives market has experienced significant volatility, primarily driven by the Federal Reserve’s interest rate decision on May 1. The open interest for XRP futures currently exceeds one billion XRP. However, traders are once again liquidating their positions following a recent surge in open interests.
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2024-04-30 11:56