The Ripple vs. SEC Legal Battle: Latest Updates
The legal dispute between the United States Securities and Exchange Commission (SEC) and Ripple continues to unfold. Ripple has recently filed further support for its motion to strike new expert materials in response to the SEC’s opposition. Here are the latest updates on the ongoing legal battle:
Ripple’s Argument Against SEC’s Witness Declaration
Ripple’s legal team has argued that the declaration by the SEC’s witness, Andrea Fox, should be struck as it constitutes undisclosed expert testimony. They assert that the SEC has failed to demonstrate that Fox’s declaration is not expert testimony and that it was timely under the court’s scheduling order.
Ripple’s Counter-arguments
According to Ripple’s lawyers, Fox should be considered an expert witness as she utilizes technical knowledge to analyze Ripple’s financial records and draw conclusions based on her analysis. They provided examples to support their claim that Fox’s declaration qualifies as expert testimony.
“Rather, she analyzes Ripple’s records, third-party evidence, and expert reports; draws inferences and conclusions about those documents; and calculates disgorgement, prejudgment interest, and discount amounts based on her analysis.”
Ripple’s legal team also accused the regulator of using semantic tactics to support its position, arguing that the SEC’s approach was misleading in how it presented its expert witness.
Upcoming Deadline and Expert Opinions
The deadline for the SEC to respond is approaching, set for May 6, 2024. Legal experts predict that Ripple may not win the motion but could potentially depose Fox in the future. Despite the legal battle, XRP, the token at the center of the dispute, has shown stability in its trading price amidst the legal uncertainties.
Market Performance
As of the latest data, XRP was trading at $0.54, with a 2.57% daily increase and a 7.78% rise over the week. The cryptocurrency aims to reverse the losses it incurred in the previous month, showcasing resilience in the face of legal challenges.
Hot Take: Stay Informed and Engaged
Stay updated on the Ripple vs. SEC legal battle as new developments unfold. Understanding the intricacies of this high-profile case can provide valuable insights into the regulatory landscape and its impact on the cryptocurrency market. Engage with the latest updates to stay informed and proactive in navigating the evolving crypto regulatory environment.
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