TL;DR
Today (May 13), Ripple and the SEC will file important motions related to their ongoing lawsuit, with further legal responses due next week.The resolution of this case is eagerly awaited, as it could significantly influence the cryptocurrency market, depending on the outcome.What to Expect Today?
Ever since entering into the trial phase, the lawsuit between Ripple and the US Securities and Exchange Commission (SEC) has started offering developments quite frequently.
The next key date in the case is today (May 13), when both entities and third parties are scheduled to file omnibus letter-motions to seal all materials relating to the remedies-related briefing, such as declarations, briefs, and supporting exhibits. Filing proposed reductions should also take place in the next several hours.
A week later, Ripple, the SEC, and all other related organizations must file letter-briefs in opposition to the omnibus letter-motions to seal.
“Under the joint proposal, the parties would further be required to file public, redacted versions of all documents within 14 days of the Court’s rulings on the omnibus sealing motions,” the document reads.
The resolution of the lawsuit is much anticipated by the XRP army and the entire crypto community due to its possible impact on the industry. A decisive Ripple win may result in an overall market resurgence, while the opposite scenario could hamper the sector’s advancement due to the implementation of strict rules.
If you are curious to learn more about the case’s possible influence on XRP, feel free to take a look at our dedicated video below:
The Confrontation Over a Witness Testimony
As mentioned above, the legal battle witnessed multiple actions in the past few weeks, with one example being the confusion surrounding the key witness Andrea Fox. Initially, Ripple insisted that her testimony (known as the “Fox Declaration”) represents an unsolicited expert opinion and should be taken into account.
However, the SEC described the process as “standard summary evidence in support of calculations for disgorgement.”
“It’s not an expert report, does not rely on specialized experience, and does not render any opinions at all, let alone an “expert” one. Nor does it present the testimony of a percipient witness. Rather, it applies basic arithmetic to Ripple’s financial records to streamline the presentation of the evidence to Judge Torres… The court should deny Ripple’s motion,” the agency insisted.
Additionally, the watchdog claimed that the “Fox Declaration” consists of data derived from documents generated by Ripple itself, including tax returns and financial statements, which can be helpful for determining the case’s outcome.
Not long ago, Ripple filed a letter in further support of its initial request. It maintained that the SEC failed to show that the declaration is summary evidence rather than expert testimony:
“Fox is an expert because she purports to use technical or other specialized knowledge to help the trier of fact to understand the evidence or to determine a fact in issue. She does not merely apply basic arithmetic to Ripple’s financial records, as the SEC contends.”
The company went further, arguing that even if Andrea Fox could be classified as a summary witness, the Commission failed to disclose her before the end of the discovery process.