Ripple contends that the SEC has failed to establish Andrea Fox’s testimony as expert opinion instead of summary evidence.
The request from Ripple to seal and redact financial documents has sparked further conflict in the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC). Since its inception in December 2020, the dispute has been filled with courtroom drama and legal disputes after the SEC accused Ripple of conducting an unregistered securities offering, raising over $1.3 billion by selling XRP.
The clash over key testimony in the Ripple v. SEC case intensified on April 23, 2024, as the trial phase began with Judge Sarah Netburn signing a new scheduling order focusing on remedies and final judgment. Both parties submitted necessary paperwork and information to aid in resolving the matter, but arguments persisted, particularly regarding Andrea Fox’s testimony. Ripple claimed that Fox’s evidence was an unsolicited expert opinion, while the SEC argued it was typical summary evidence for disgorgement calculations.
On April 29, the SEC opposed Ripple’s request, stating that Fox’s testimony was based on basic math applied to Ripple’s financial data. Ripple contended that Fox utilized specialized knowledge beyond simple mathematics, and accused the SEC of failing to disclose her before the discovery process concluded.
Another point of contention arose when Ripple sought to redact and seal financial records related to the SEC’s motion for judgment and remedies. The SEC argued that this information should not be kept confidential as it was crucial judicial material for the case. While Ripple argued that previous contracts were irrelevant due to procedural changes in their XRP sales, the SEC believed that understanding Ripple’s past XRP sales required access to this information.
The legal complexities and potential appeals could prolong the resolution of the case, even after it proceeds to trial. Legal expert Jeremy Hogan speculated that a $100 million settlement could be a possibility by summer. With three partial court victories for Ripple last year, each resulting in a surge in XRP’s price, the SEC now finds itself as the underdog in this legal battle.
Meanwhile, CoinMarketCap data indicates that the price of XRP is currently hovering around $0.4997, with a 4.67% decrease in the past 24 hours and a 3.69% drop over the previous week. Stuart Alderoty, CLO of Ripple, previously criticized the SEC for utilizing public funds in what he deemed as fruitless legal proceedings.
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