According to U.Today, Ripple, a San Francisco-based company, has submitted a new letter to reinforce its motion to strike the expert materials of the U.S. Securities and Exchange Commission (SEC). Ripple's main contention against the SEC is based on the late disclosure. The company argued that the regulator should have revealed its expert witness before the final stage of the discovery process. Ripple had an issue with the fact that Andrea Fox, an assistant chief accountant in the regulator's Division of Enforcement, was not disclosed as an expert witness. Instead, she was presented as a summary witness by the SEC.
In its latest filing, Ripple states that the SEC has not provided a satisfactory explanation as to why Fox's declaration presents her as an accountant if she is not testifying as an expert. Ripple maintains that Fox did 'much more' than just copying, pasting, and adding numbers. Moreover, it argues that the SEC's cases do not back the agency's depiction of a summary witness. 'Even if Fox were a summary witness, rather than an expert, the parties' agreement and the Court's scheduling order required the SEC to disclose her before the close of discovery,' Ripple stated.
In April, Ripple also filed its opposition to the SEC's motion for remedies, arguing that the civil penalty should be reduced to a mere $10 million. On the other hand, the SEC contended that Ripple should pay a hefty $2 billion. The SEC initially took Ripple to court in December 2020. In July, the company achieved a partial victory, with XRP gaining regulatory clarity in the US. Despite this victory, the token has significantly underperformed Bitcoin.
