LIVE
đŁ Experts predict SECâs win over Ripple over new motion
The crucial lawsuit between the US Securities and Exchange Commission (SEC) and Ripple Labs saw another round of court submission. In the latest move, Ripple filed a letter supporting its motion. However, experts suggest that the SEC might win this minor battle but it might not change much trajectory of the case.
đș Ripple files motion to strike
As per the filings, Ripple filed a letter in further support of its April 22, 2024 motion to strike new expert materials. This submission was in reply to the SECâs April 29, 2024 opposition to that motion to strike. This move has attracted investor attention, particularly its reply brief to contest the SECâs opposition brief.
Amid back to back filings, Legal experts have weighed in on the situation. Attorney Jeremy Hogan suggested that the SEC would win the motion. He anticipates that even if the court determines Fox is an âexpert"
Lawyer Bill Morgan shared a similar sentiment. He predicted that Ripple would lose the motion but the judge would accept that Fox provided some expert evidence and permit Ripple to depose her.Â
The next big move will be the SECâs reply brief on remedies which is due on May 6. After which the court will make a decision on penalties and injunctions. This decision could impact Defandantâs operations and expansion plans in the US.
đș Whatâs in the filling?
The court filing shows that Ripple argued that Foxâs testimony should be struck. This is because the SEC failed to provide her identity and testimony during remedies-related discovery. The commission went on to dispute the Motion to Dismiss. It claimed that Fox was a summary witness. Thatâs why her testimony did not need to be disclosed during discovery.
It is important to note that the court could rule on the Motion to Strike at any time. However, the commission must file its remedy-related reply brief by May 6. This brief will act as Rippleâs opposition to the SECâs opening brief arguing for punitive penalty and injunction.
