The legal showdown between Ripple and the SEC continues – and it’s as intense as ever!
Sarah Netburn’s recent nomination as District Judge in the Southern District of New York (SDNY) has become a game-changer. With Netburn now overseeing the Ripple vs. SEC case, her supportive stance towards cryptocurrencies and reputation for delivering fair judgments could tip the scales in favor of Ripple.
Netburn’s nomination arrives at a crucial moment. The unresolved dispute between Ripple and the SEC, particularly Ripple’s firm resistance against the SEC’s heavy fines, highlights the significance of her judicial role.
In a recent legal move, Ripple strongly contested the SEC’s steep demands, offering a counterproposal of a maximum $10 million penalty. With three robust arguments challenging the SEC’s claims and highlighting changes in XRP sales practices, Ripple appears to have a strong position. The upcoming court decision, especially under Judge Sarah Netburn’s oversight, could greatly benefit Ripple. If Netburn sides with Ripple, the SEC could face major setbacks, making it tough for them to reverse her decision.
Netburn’s nomination has received widespread praise from legal experts. Paul Grewal, Coinbase’s Chief Legal Officer, commended Netburn, emphasizing her deep understanding of crypto-related legal matters. Grewal underscored the crucial role of skilled judges in cryptocurrency litigation.
Similarly, Bill Morgan, a prominent advocate for XRP, lauded Netburn’s nomination, citing her fair rulings and adept handling of the SEC vs. Ripple case. Morgan’s support underscores Netburn’s esteemed judicial integrity and competence, indicating that her promotion to District Judge is well-deserved and could favor Ripple’s legal position.
Also Check Out : Unfazed by SEC Lawsuit, Ripple Prepares for IPO with Strong Investor Interest
Meanwhile, Ripple has filed a motion to Magistrate Judge Sarah Netburn, seeking to exclude expert materials submitted by the SEC. Ripple alleges that these crucial documents surfaced during the discovery phase of the remedies litigation, highlighting the SEC’s failure to provide a supplemental expert report on disgorgement and a vital declaration by Andrea Fox, an SEC assistant chief accountant.
Ripple argues that this lack of disclosure deprived them of the chance to effectively counter the SEC’s arguments. Additionally, Ripple disputes the SEC’s categorization of Fox as a mere “summary witness,” asserting that her analysis qualifies her as an expert whose opinions should have been disclosed earlier.
The SEC opposes Ripple’s exclusion request, leading to a revision in the schedule for further proceedings. The outcome of Ripple’s motion could have a significant impact, potentially reshaping the SEC’s stance on remedies and influencing the broader outcome of this high-stakes case, with ramifications for the cryptocurrency sector as a whole.
The SEC is set to submit its reply brief by May 6, with parties and third parties given until May 20 to contest the sealing of details in the filings.
Read Also : XRP Lawsuit: Hogan Predicts Summer Verdict, $100M Fine for Ripple
With a potentially sympathetic judge and strong arguments, could Ripple finally see a light at the end of the tunnel? Only time can really tell.
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