Clash for a key witness of the witness

TL;DR

The SEC challenged Ripple’s request to reject new expert materials, claiming they are standard calculations from the company’s own financial records. Speculation persists over the settlement of the lawsuit, with predictions of a potential settlement of $100 million this summer, well below the regulator’s initial demands. The SEC strikes again

The trial between Ripple and the US Securities and Exchange Commission (SEC) has already begun, with many industry participants hoping to see the end of the long legal battle. However, instead of a resolution, the dispute continues to offer further confrontation.

More recently, the regulator archived his opposition to Ripple’s motion to strike new expert materials. The effort centers on testimony from witness Andrea Fox (known as the “Fox Statement”). Ripple previously argued that the statement represents an unsolicited expert opinion.

The SEC repudiated this, describing the process as “standard summary evidence in support of calculations for dumping.”

“It is not an expert report, it is not based on specialized experience, and it does not give any opinion, let alone an “expert”. Nor does he present the testimony of a perceptive witness. Rather, it applies basic arithmetic to Ripple’s financial records to expedite the presentation of evidence to Judge Torres… The court should deny Ripple’s motion,” the SEC insisted.

The agency also argued that the “Fox Statement” consists of information derived from documents generated by Ripple itself, including tax returns and financial statements, which may be useful in determining the outcome of the case.

The SEC later recalled that federal judge Torres no longer considered the same objections the company now raises.

“As Judge Torres did on summary judgment, the Court here should overrule Ripple’s objection to the Fox Statement,” the Commission concluded.

Incoming Liquidation or a Strategic Move by the SEC?

The latest development on Ripple’s front against the SEC was shared on X by James K. Filan, a defense attorney and former federal prosecutor. Numerous users commenting on the post opined that this is another attempt by the regulator to postpone the outcome of the case.

On the other hand, American lawyer Jeremy Hogan believes that the resolution is around the corner, waiting for the lawsuit to be officially closed this summer. It also anticipated a $100 million settlement, far less than the $2 billion the SEC was seeking from Ripple and 10 times more than the company suggested.

“I’m saying the judge will order 0 dumping, but throw the SEC a bone and order Ripple to pay a $100 million fine,” Hogan said.

For those curious to learn more about the lawsuit and its potential impact on the price of XRP and the entire cryptocurrency market, watch our dedicated video below:

SPECIAL OFFER (Sponsored) LIMITED OFFER 2024 for CryptoPotato readers on Bybit – Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!