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Highlights
- The SEC claims the Fox Declaration is a summary report, and not an expert report.
- Lawyers believes both SEC and Ripple has strong arguments, but Ripple late filing would be a question.
- XRP price rebound above $0.51 but still under pressure ahead FOMC.
Ripple v SEC News: The U.S. Securities and Exchange Commission (SEC) filed its opposition to Ripple Labs’ motion to strike the declaration of Andrea Fox (Fox Declaration) and supporting exhibits. The SEC claims the Fox Declaration is a summary report, and not an expert report, on XRP institutional sales dispute.
The SEC also claimed that the Fox Declaration is permissible summary evidence under law, similar to the Ferrante Declaration that was allowed by Judge Torres, and there’s no violation of the federal rules of civil procedure.
Lawyers on Expert Witness Motion in Ripple Vs SEC
Explaining the SEC’s opposition to Ripple’s motion, pro-XRP lawyer Bill Morgan said the SEC argues the Fox Declaration is summary not expert evidence, and Ripple didn’t dispute the summary of financial records. In addition, the SEC argues Fox did not give an opinion and stated what counsel told her to state on whether some institutional buyers suffered pecuniary harm as others received higher discounts.
Morgan believes, regardless of outcome, the SEC’s argument on pecuniary harm suffered by some institutional buyers is weak enough for disgorgement. “I mean imagine complaining you made profits from a contract with Ripple but didn’t make as much profits as someone else,” he added.
Fred Rispoli thought Ripple would win this discovery motion, but still questions why Ripple waited this long to file it when they could have filed the motion to strike ahead March briefing. He added that both Ripple and SEC have case law over summary witnesses. Rispoli believes Judge Netburn may allow the Fox declaration if Ripple never asked for the deposition.
Former SEC securities lawyer Marc Fagel thinks the SEC has the stronger argument, saying Ripple’s motion is “more misplaced than I’d originally thought.” He believes the court will order remedies far less than $2 billion, but didn’t say if $10 million total fine is justified.
Fagel predicts appeal from both sides, the SEC on XRP programmatic sales and Ripple on XRP institutional sales ruling, in the coming months in Ripple Vs SEC lawsuit. The dispute will move to the Second Circuit next year.
Former SEC lawyer James Farrell said it’s the usual practice to have a non attorney do summary charts that prevent privilege issues if other parties, in this case Ripple, could have depose.
“The fact that Ripple unsuccessfully filed the same motion before Judge Torres in the summary judgment briefing, but failed to bring that to Judge Netburn ‘s attention here is a credibility killer,” he added.
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XRP Price Rebounds Slightly
XRP price jumped more than 1% in the last 24 hours, with the price currently trading above $0.51. The 24-hour low and high are $0.500 and $0.519, respectively. Furthermore, trading volume has increased by 15% in the last 24 hours, indicating a rise in interest among traders.
The derivatives market recording huge fluctuations in the last 24 hours due to the Fed interest rate decision on May 1. XRP futures open interest holds above 1 billion XRP, but traders are taking profits again after the recent rebound in open interests.
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