Pro-XRP Lawyer Says Ripple Will Lose in Lawsuit Against US SEC
The dispute between the SEC and Ripple Labs continues, with the two parties currently arguing over the fine Ripple should pay to the SEC for violating securities laws by offering XRP to institutional investors.
Ripple argues that the SEC violated the court's deadline by including an expert declaration in a remedy-related brief after the discovery deadline, which was filed in a motion to dismiss the declaration of Andrea Fox (the "Fox Declaration"). The motion is critical to Fox's declaration regarding whether institutional investors suffered monetary losses.
Pro-XRP Lawyer Reveals Why Ripple May Lose on Appeal
Ripple filed a response to the SEC's objection, in which the SEC claims that the Fox Declaration is indeed summary evidence allowed by law, and that Fox had just answered the attorney's questions about institutional buyers, monetary losses, and discounts to certain institutional investors.
"I think Ripple will lose this motion," said Bill Morgan, a lawyer who supports XRP. He claimed that the judge will accept some of the expert evidence provided by Fox and ask Ripple's lawyers to remove her.
He added that the SEC's response summary on remedies is the next important document in the lawsuit. If the SEC agrees with Ripple that a $10 million fine is fair due to the Govil case and other reasons (which is extremely unlikely), then negotiations on the fine can begin. If not, the two sides will continue to argue about remedies. "The judge did not accept the proposal made by one party," Morgan added.
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