Today marks a significant milestone in the legal battle between Ripple and the US Securities and Exchange Commission (SEC). Both parties, along with third parties, are scheduled to submit omnibus letter-motions to seal all materials relating to the remedies-related briefing. This includes declarations, briefs, and supporting exhibits. We also expect the filing of proposed reductions within the next few hours.
Anticipation For Resolutions: Impact On The Crypto Community
The XRP community and the wider crypto industry eagerly await the resolution of this lawsuit due to its potential impact. A decisive victory for Ripple could spark a resurgence in the overall market, while an adverse outcome might lead to stricter regulations, hindering the sector’s progress.
Related article: Ripple’s Stablecoin Plans Challenged by SEC Classification
In recent weeks, the legal battle has seen various developments, including a dispute over the testimony of key witness Andrea Fox. Initially, Ripple argued that her testimony, known as the “Fox Declaration,” should be considered an unsolicited expert opinion. Contrary to Ripple’s assertion, the SEC described the testimony as standard summary evidence used in calculating disgorgement.
Ripple’s Argument For Expert Testimony
Ripple further strengthened its argument, stating that Andrea Fox’s testimony should indeed qualify as expert testimony. The company emphasized Fox’s use of technical or specialized knowledge to assist the trier of fact in understanding evidence or determining a fact in issue.
Related article: Ripple v. SEC: Legal Expert Challenges SEC’s Case
Additionally, Ripple criticized the SEC for failing to disclose Andrea Fox as a witness before the end of the discovery process. This oversight, according to Ripple, undermines the credibility of the SEC’s position.
After today’s filings, Ripple, the SEC, and any related parties must submit letter-briefs opposing the omnibus letter-motions to seal. Within 14 days of the court’s rulings on the sealing motions, all documents will need public, redacted versions as per the joint proposal.
