The legal battle between Ripple Labs Inc. and the Securities and Exchange Commission (SEC) just took another dramatic turn. Ripple has filed a motion to strike new evidence submitted by the SEC, raising the stakes for both sides and leaving investors wondering what this means for the future of XRP.
Read on to find out the key details and why this wrinkle in the case matters.
Ripple Labs has filed a motion to strike down the SEC’s newly introduced expert materials, alleging unfair play due to their late arrival. The SEC’s unveiling of expert testimony after the agreed remedies discovery deadline has stirred the pot of contention.
The bone of contention lies in the SEC’s unveiling of a new expert declaration and accompanying exhibits by Andrea Fox, an Assistant Chief Accountant in the SEC’s Division of Enforcement. These materials aim to strengthen the SEC’s push for remedies and final judgment.
Hard-Hitting Response
Ripple contends that Fox’s input clearly extends beyond mere summarization of data, engaging in substantive accounting judgments without prior disclosure as an expert witness. “This is precisely the type of ‘sandbagging’ that Rule 37(c)(1) is designed to prevent,” Ripple’s legal team emphasized, citing Abraham v. Leigh as a precedent.
Also Read: Ripple Made Court Filling Pubic, says SEC’s $2Bn Penalty Demand is Unconventional
During the legal proceedings, the SEC categorized Fox not as a factual or expert witness but as a “summary witness.” Ripple, however, argues that her deep dive into financial records and the application of specialized accounting knowledge squarely positions her as an expert witness, necessitating earlier disclosure as per Federal Rule of Civil Procedure 26(a).
Ripple further highlights the procedural disadvantage caused by the SEC’s timing, lamenting the missed chance for thorough cross-examination of Fox’s findings and the presentation of a rebuttal report. They argue that this not only undermines their defense but also the integrity of the legal process.
A Call for Fairness
In response to these alleged injustices, Ripple Labs pushes for the striking of the late disclosure, citing the need to prevent any prejudicial impact on their defense and the legal proceedings’ integrity.
Read More: Is the Ripple vs SEC Lawsuit Holding XRP Price Back?
The plot thickens in Ripple vs. SEC. What’s your prediction for the outcome?
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