Ripple contends that the SEC failed to establish Andrea Fox’s testimony as expert opinion rather than summary evidence.
Ripple’s move to seal and redact financial documents leads to more debate.
Since its inception in December 2020, the legal battle between Ripple and the SEC has been a roller coaster ride of emotions. Following the SEC’s accusation that Ripple raised over $1.3 billion through the unregistered sale of XRP, courtroom drama and legal disputes have been ongoing.
The clash between Ripple and the SEC intensified on April 23, 2024, as the case entered the trial phase with Judge Sarah Netburn issuing a new scheduling order focusing on remedies and final judgment. Both parties submitted necessary documentation to assist in resolving the matter.
However, disputes continued, particularly regarding Andrea Fox’s testimony. Ripple argued that Fox’s evidence was expert opinion, while the SEC claimed it was summary evidence for calculating disgorgement.
The SEC opposed Ripple’s request on April 29, stating that Fox’s testimony was based on basic math applied to Ripple’s financial data. Ripple countered by asserting that Fox utilized specialized knowledge beyond simple mathematics, and the SEC failed to disclose her before the discovery process concluded.
Another point of contention arose when Ripple sought to redact and seal certain financial records related to the SEC’s motion for judgment and remedies. The SEC argued that this information was crucial to the case and should not be kept confidential.
As legal complexities and potential appeals loom, the resolution of the case may be delayed even after entering the trial phase. Speculation by American lawyer Jeremy Hogan suggests a possible $100 million settlement by summer.
With three partial victories in court last year, each followed by a surge in XRP’s price, Ripple now appears to have the upper hand in the legal battle against the SEC.
According to CoinMarketCap data, the price of XRP currently stands at $0.4997, with a 4.67% decrease in the past 24 hours and a 3.69% drop over the previous week. Stuart Alderoty, CLO of Ripple, previously criticized the SEC for wasting public funds on fruitless legal proceedings.
For further information on Ripple (XRP), consider checking out our guides on buying Ripple, setting up a Ripple XRP wallet, and monitoring the 24-hour XRP price. Stay updated on the latest Ripple (XRP) news to stay informed about developments in the case.