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Highlights
- Ripple filed a motion to strike a new expert witness Fox Declaration used by the SEC in remedies brief.
- SEC has not complied with the court's submission deadline and reopening remedies discovery make Ripple to suffer prejudice.
- Lawyers predicts possible end of remedies judgment in few months and appeal likely to extend the case.
XRP SEC Case Update: Ripple filed its opposition to the SEC’s remedies-related brief and concluded that the court should deny the US SEC’s requests for an injunction, disgorgement, and pre-judgment interest. Ripple claims the court should impose a civil penalty of no more than $10 million as no fraud or recklessness is proven by the SEC.
The crypto firm also filed a motion to strike a new expert witness the SEC submitted in support of its remedies-related brief, accusing the SEC of violating the court procedure and laws.
Ripple Files to Strike Off Fox Judgment in SEC’s Remedies Brief
According to a court filing to Magistrate Judge Sarah Netburn, Ripple filed a motion to strike new expert materials used by the SEC to support its remedies-related brief and final judgment. A declaration and two supporting exhibits by expert witness Andrea Fox, referred to as “Fox Declaration” were included by the SEC after the remedies discovery deadline.
Ripple accuses the SEC of violating court procedure, ‘sandbagging’ for untimely submission and filing without proper disclosure. The Fox Declaration contains accounting analysis and substantial conclusion about remedies, but the SEC delayed disclosing it on March 22, a month after remedies discovery closed. The SEC said Fox was neither a fact witness nor an expert witness, but a summary witness.
Thus, the SEC has not complied with the court’s submission deadline, and reopening remedies discovery, re-submit briefing would case delay, making Ripple to suffer prejudice.
Also Read: Ripple Files Opposition, Agrees to Pay $10M In Penalty To US SEC
Lawyers View on the Motion and End Dates
Pro-XRP lawyer Bill Morgan said Ripple’s argument is valid and disgorgement should not be granted where it would give investors a profit. He believes Ripple could get Judge Torres’ support to apply the Govil case and order no disgorgement. He also explained the importance of the motion to strike the Fox declaration as the SEC used it to claim pecuniary harm to certain institutional buyers. If granted, Ripple can win the remedies brief judgment.
Lawyer James Murphy (MetaLawMan) noted the SEC to get one last brief on the damages questions on May 6 and then it depends on Judge Torres’ decision. He expects the decision to come substantially quicker than the summary judgment rulings, within 60 to 90 days after the last brief.
Attorney Jeremy Hogan anticipates the remedies case to end this summer and appeals likely to extend the Ripple v SEC to next year.
XRP price trades near $0.55, up nearly 3% in the last 24 hours. The 24-hour low and high are $0.531 and $0.569, respectively. Furthermore, trading volume has increased by 46% in the last 24 hours, indicating a rise in interest among traders.
Also Read: Terra Classic Community Restores Key IBC, Revives Liquidity
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