Ripple v. SEC: The Key Factor Delaying Final Judgment

Ripple’s Legal Battle Sees SEC Drop $2B Demand

A pro-XRP pundit claims that Magistrate Netburn’s pending decision on excluding Andrea Fox’s declaration is the sole factor delaying Judge Torres from issuing a final verdict in the Ripple lawsuit. The XRP community has endured a multi-year legal battle with the SEC, negatively impacting the asset’s price. Despite ongoing litigation for over three years, no official end date is in sight.

Experts predict the lawsuit could resolve this year. Prominent XRP community member Ashley Prosper identifies a specific issue preventing Judge Analisa Torres from making her final decision in the SEC v. Ripple case. Following the SEC’s opposition to Ripple’s omnibus sealing motion, Prosper asserts that only Magistrate Sarah Netburn’s ruling on Ripple’s motion to exclude SEC witness Andrea Fox’s testimony is holding up the verdict.

Related article: Ripple v. SEC: May 20 Deadline for Opposition to Sealing Motions

Potential For Further Delays

In April, Ripple requested Magistrate Netburn to exclude Fox’s declaration. The SEC had submitted this declaration to justify its remedies demands. Ripple argues that Fox, described as an expert witness, should have provided her declaration during the discovery phase. This timing would have allowed Ripple to respond and counter her claims. 

Related article: Ripple v SEC : Disgorgement Controversy Explained

However, the SEC did not submit the declaration during discovery, violating the court’s scheduling order for remedies. Therefore, Ripple seeks to exclude the testimony. Conversely, the SEC insists that Fox is a summary witness who merely summarized existing facts to help the judge understand Ripple’s financial records. 

Prosper warns that the decision on whether Fox is an expert or summary witness could potentially “open up a can of worms,” further delaying the lawsuit’s resolution. Magistrate Netburn typically takes around 30 days to decide on small motions, suggesting her ruling could come at any moment. However, any challenge to her decision by either party could delay Judge Torres’ final verdict.

Court Unlikely To Discard Fox’s Declaration

While Prosper hopes the court disregards Fox’s declaration if Magistrate Netburn declares her an expert witness, he doubts this will happen. His view aligns with pro-XRP lawyers Bill Morgan and Jeremy Hogan. 

They speculate that even if Netburn considers Fox an expert witness, she will likely allow Ripple to depose her rather than discard her testimony. Fox’s declaration is crucial to the final verdict, potentially determining the appropriate penalty against Ripple for securities law violations. 

Consequently, Judge Torres will likely wait for Netburn’s decision on Fox’s testimony before issuing the final verdict.

fxcrypto tele

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :

Facebook
Twitter
LinkedIn
Telegram
WhatsApp