SEC Counters Ripple’s Motion to Strike Andrea Fox’s Declaration

In the ongoing legal battle between Ripple Labs and the Securities and Exchange Commission (SEC), the SEC has filed a countermotion against Ripple’s recent attempt to dismiss the declaration of SEC summary witness Andrea Fox. The SEC argues that Fox’s testimony is permissible under federal law as standard summary evidence and does not constitute undisclosed expert testimony as claimed by Ripple.

Fox Declaration: Standard Summary Evidence

The SEC asserts that the Fox Declaration falls under Federal Rule of Evidence 1006, serving to provide straightforward arithmetic calculations based on Ripple’s financial records. Contrary to Ripple’s arguments, the SEC emphasizes that Fox’s role is not that of an expert, but rather a summarizer of financial data for the court’s benefit.

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Nature of Fox’s Contribution

According to the SEC’s filing, Fox’s declaration aims to streamline Ripple’s voluminous financial data into digestible calculations without applying expert judgment or specialized knowledge. The declaration utilizes arithmetic to present information contained in Ripple’s financial documents, including audited financial statements and profit and loss statements.

Addressing Ripple’s Allegations

The SEC refutes Ripple’s claims that Fox’s work involves expert analysis or interpretation of financial records. It argues that Fox’s understanding and assumptions drawn from Ripple’s financial data are standard procedures for a summary witness, as long as they are disclosed and reasonably drawn from the data being summarized.

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Compliance with Procedural Rules

Regarding Ripple’s procedural challenges regarding Fox’s disclosure as a witness, the SEC clarifies that Fox does not meet the definition of an expert witness under Federal Rule of Civil Procedure 26(a)(2). Fox did not provide any opinions or use specialized knowledge in her analysis, and thus there was no breach of procedural rules.

Legal Interpretation and Commentary

Pro-XRP lawyer Bill Morgan commented on the case, highlighting scepticism towards the SEC’s argument on pecuniary harm. He criticized the focus on missed opportunities for higher profits while overlooking potential risks posed by other entities such as SBF and FTX.

In summary, the SEC’s countermotion underscores the permissible nature of Fox’s declaration as standard summary evidence, refuting Ripple’s claims of undisclosed expert testimony. As the legal proceedings continue, commentary from pro-XRP perspectives reflects ongoing scrutiny of the SEC’s arguments and priorities in the case.

 


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