Ripple Vs SEC: Commission Scores Small Win As XRP Motion Is Denied

By Ashish Kumar
April 20, 2022 Updated April 20, 2022
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In a recent judgment, the court denied Ripple’s motion to disregard a report stating that the crypto firm was technically able to manipulate XRP’s price.

Ripple sought to strike the report from Dr. Albert Metz, a U.S.  Securities and Exchange Commission (SEC) expert. Metz and a few other parties had reached the conclusion that Ripple was capable of manipulating XRP prices, which the SEC has alleged.

Tuesday’s ruling can be termed as a minor win for the SEC in the case. The court also granted the SEC more time to object to the release of certain internal documents related to a speech by former director William Hinman.

Court re-opens discovery phase, Ripple can respond to Metz

The ruling was noted by crypto lawyer James K. Filan.

Tuesday’s ruling, from Judge Sarah Netburn, has reopened doors for expert discovery until May 13 to re-depose Dr. Metz. The court’s resolution allows the defendants to file any supplemental report in a response to Metz’s report. However, the judge has also directed the SEC to pay for the reasonable expenses incurred by the defendants for filing the motion.

The order mentions that both parties should meet and reach an agreement on the rational fee. Meanwhile, May 13 will be the last date to file any motion over attorneys’ fees.

Judge Netburn criticised the SEC’s move to file the expert’s supplemental expert report on the last day of the discovery phase. The report was submitted after several months of rebuttal expert reports being served. The SEC has explained that the additional report was specially prepared to reply to Ripple’s rebuttal experts’ reports.

Metz’s report unauthorized still not rejected

On the other hand, Ripple has asserted that Metz’s report does not correct any opening or rebuttal report. The SEC also claims that the report provides new factual data that the defendants claimed to be missing from the initial report.

The court order highlights that the commission has submitted an “unauthorized supplemental report” and that too on the last day of the discovery. However, the court has still declined to strike the Metz report.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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