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.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed its opposition to @Ripple’s Motion to Strike new expert materials. pic.twitter.com/qwVyGJI8ZS
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) April 29, 2024
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.
Read Also: ShibaSwap Finds New Home on Shibarium, Ushering in Fresh Features and Community Focus
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.
Read Also: Shiba Inu Price Recovery: Enthusiasts Eye $0.0001 Target Despite Recent Setbacks
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.
The SEC argues the Fox declaration is summary not expert evidence and Ripple does not dispute the summary of its financial records is correct. The SEC argues that Fox did not give an opinion that some institutional buyers suffered pecuniary harm because she stated what counsel… https://t.co/M7TdDrMO2t
— bill morgan (@Belisarius2020) April 29, 2024
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.
Â
Follow us on Twitter, Facebook, Telegram
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
