Recently, the U.S. District Judge Sarah Netburn issued a new scheduling order regarding Ripple’s motion to exclude expert materials submitted by the SEC. Ripple contested the SEC’s expert materials, arguing they were submitted too late in the proceedings, hindering Ripple’s ability to respond effectively.
Ripple filed an opposition to the SEC’s proposed remedies, seeking to limit damages to $10 million and rejecting other requests. Additionally, Ripple filed a motion to strike the SEC’s expert materials, alleging they were not provided during the discovery phase, thus limiting Ripple’s capacity to address them adequately.
SEC’s Response and Proposed Scheduling Order
As per the order provided by James K. Filan, the SEC must respond to Ripple’s motion by April 29. Following this, Ripple will submit its reply within three business days, specifically by May 2, 2024.
The court’s decision on whether to strike the expert materials could significantly influence the outcome of the case. Specifically, regarding penalties for XRP’s institutional sales, excluding the expert report might diminish the SEC’s ability to impose fines against Ripple. Consequently, this could potentially impact the outcome of the remedies stage.
Related article: Ripple Challenges SEC’s Expert Witness Report
In a separate development, Judge Netburn’s nomination as a federal judge in the U.S. District Court for the Southern District of New York (SDNY) garnered attention. President Joe Biden nominated her, along with six others, for judicial positions in federal district courts.
Netburn’s Role and Community Reactions
Netburn’s role in the Ripple lawsuit, where she criticized the SEC and ordered the disclosure of William Hinman’s crypto speech drafts, has been notable. Her nomination sparked reactions among crypto enthusiasts, with Coinbase’s chief legal officer Paul Grewal praising her contributions to the industry.
With her potential confirmation, Netburn could oversee significant cases, including those involving the crypto sector. This nomination underscores her influence and expertise in legal matters related to cryptocurrency.
The ongoing legal battle between Ripple and the SEC continues to unfold with new developments. Judge Netburn’s recent scheduling order regarding Ripple’s motion to strike expert materials adds another layer of complexity to the case. Moreover, the outcome of this decision could have far-reaching implications for both parties involved. Additionally, Netburn’s nomination as a federal judge introduces new possibilities for the oversight of future cases, particularly those concerning the crypto industry.
