- Ripple has filed a letter in support of its motion to strike expert materials provided by the SEC, particularly those from Andrea Fox.
- Ripple argues that the SEC failed to disclose Fox as an expert witness before the final discovery phase, challenging her classification as a summary witness.
San Francisco-based blockchain startup Ripple has submitted a new letter to support its motion to strike the expert materials provided by the U.S. Securities and Exchange Commission (SEC). In its motion, Ripple seeks to exclude the expert materials from Andrea Fox, an assistant chief accountant in the SEC’s Division of Enforcement.
The core argument against the SEC revolves around the timing of disclosure, with Ripple contending that the SEC should have disclosed its expert witness before the final discovery phase. Ripple objected to Fox’s classification as a summary witness rather than an expert witness.
In its latest filing, Ripple contends that the SEC has not provided a satisfactory explanation as to why Fox’s declaration emphasizes her role as an accountant if she is not testifying as an expert. Ripple asserts that Fox’s involvement went beyond mere copying, pasting, and number addition, per the Crypto News Flash report.
Moreover, Ripple argues that the SEC’s cases do not support the agency’s characterization of Fox as a summary witness. Even if Fox were classified as a summary witness, Ripple argues that the SEC was obligated to disclose her before the conclusion of discovery, as per the parties’ agreement and the Court’s scheduling order.
Ripple Takes the SEC Head-On, What’s Ahead?
In April, Ripple also opposed the SEC’s motion for remedies, advocating for a reduction of the civil penalty to $10 million. In contrast, the SEC proposed a penalty of $2 billion. The legal battle between Ripple and the SEC dates back to December 2020 when the SEC initially filed a lawsuit against Ripple.
In July of the following year, Ripple achieved a partial victory, obtaining regulatory clarity for XRP in the United States. Despite this legal win, XRP’s performance has notably lagged behind that of Bitcoin.
Coming back to the current situation, the suspense around the involvement of Andrea Fox puts Ripple at the edge of the seat. Defense attorney James K. Filan shared Ripple’s brief response on social media, sparking discussions among legal experts. While the motion to strike might face denial, attorney Morgan Bill suggested that the judge could still consider Andrea Fox’s report as expert testimony, potentially leading to Ripple deposing Fox. Similarly, attorney Jeremy Hogan pointed out the SEC’s advantages and the potential outcomes if Fox is deemed an expert witness.
#XRPCommunity #SECGov v. #Ripple #XRP @Ripple has filed a letter in further support of its April 22, 2024 motion to strike new expert materials, and in reply to the SEC’s April 29, 2024 opposition to that motion to strike. pic.twitter.com/vXW1C22Oso
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) May 2, 2024
Attorneys Morgan Bill and Jeremy Hogan, known for their support of XRP, have expressed doubts regarding Ripple’s motion to strike testimony from Andrea Fox, an accountant with the SEC’s Enforcement Division. Speculation arose following Ripple’s response to the SEC’s opposition to the motion
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