Ripple Lawsuit: S.E.C. Attempts To Restrict Expert TestimonyJuly 8, 2022 10:29 am
The S.E.C. recently filed an omnibus motion to restrict the number of expert witnesses that Ripple may present to the court.
Legal counsel for the agency filed a 120-page document to the court with no opposition from Ripple Labs‘ defense team—save one—they want the right to file a response just as lengthy.
Currently, the S.E.C. is requesting that expert testimony provided by Ripple Labs be limited to just 10 individuals retained by the firm or its co-founders.
A decision from the court regarding the motion is expected on July 12th, 2022.
This legal skirmish is simply the latest contested battleground in the high-profile regulatory case which shows no sign of ending any time soon.
My main question is this: if the S.E.C. has a strong case, why attempt to restrict expert testimony? Why attempt to leave out, or otherwise limit, critical information at every turn of this harrowing case?
James K. Filan posted the recent motion on Twitter:
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has sought permission to file one omnibus (big) motion to exclude or limit expert testimony, up to 120 pages long. Ripple Defendants do not object provided that they be allowed the same page limit for their response in opposition. pic.twitter.com/haa4Mr7XU1
— James K. Filan 🇺🇸🇮🇪104k+ (beware of imposters) (@FilanLaw) July 6, 2022
U Today explains:
XRP-friendly attorney Fred Rispoli explains the implications of this: “This is highly routine and ordinary in high-stakes litigation. Ripple will be moving to strike all of the SEC’s experts as well. Now you know why Ripple just staffed up with 2 more attorneys.”
XRP Lawsuit: SEC Files Motion To “Reduce” Ripple’s Expert Testimony
According to recent updates shared by defense lawyer James K. Filan, the SEC has sought permission to file a motion to exclude or limit the testimony of 10 experts who were retained by Ripple and/or its pic.twitter.com/waGrYxgpFf
— Einstein Of Finance 📊📈 (@Thecoolboi7) July 8, 2022
Bein Crypto reminds readers:
The SEC filed a lawsuit against Ripple and its leadership in Dec 2020 accusing the company of selling unregistered securities in the guise of XRP to raise funds, in contravention of Section 5 of the Securities Act of 1933.
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