Ripple’s Legal Battle: Will Ripple Lose Its Latest Court Motion?
In the ongoing legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC), pro-XRP community lawyers are expressing concerns about Ripple’s latest court motion. Attorney Jeremy Hogan, who is well-known for supporting Ripple in the crypto community, recently shared a pessimistic outlook. He took to X (formerly Twitter) to express his belief that Ripple is likely to lose its recent legal maneuver.
Hogan stated, “The hardest thing to do on CT is say that you think the SEC will win a motion. But HERE GOES: I think the SEC will win this motion.” He further explained that even if the court recognizes the SEC’s witness, Andrea Fox, as an expert, the outcome would likely be similar to previous cases, where Ripple was allowed to depose the witness rather than excluding them entirely. Despite his pessimism, Hogan ended his statement with a touch of humor, saying, “Now, excuse me while I go pray I’m wrong, which is not often.”
The conversation was prompted by an update from James K. Filan, a former defense lawyer, who reported on Ripple’s filing of a letter in support of its April 22, 2024 motion, which was in response to the SEC’s opposition filed on April 29, 2024.
What The Pro-XRP Lawyers Say
Another XRP advocate, Bill Morgan, echoed Hogan’s sentiments in a separate post. Morgan expressed, “I think Ripple will lose the motion but the judge will accept Fox gave some expert evidence and permit Ripple to depose her. Then we can see what SEC says on May 6 in its reply brief on remedies and then await a decision on remedies.”
A Past Precedent
The court had previously faced a similar situation involving the “Ferrante Declaration” in the case. This declaration, much like the later Fox Declaration, summarized financial data related to Ripple’s financial activities. While Ripple opposed this declaration, the court allowed it as summary evidence, not as expert testimony.
Background Of The Motion
At the core of the dispute is Ripple’s objection to the SEC’s expert declaration by Andrea Fox, which Ripple argues has been misrepresented by the SEC. Ripple claims that Fox conducts a comprehensive review of Ripple’s financial records, making conclusions that impact critical aspects of the case such as disgorgement calculations and pre-judgment interest.
Ripple asserts that Fox’s analysis goes beyond basic arithmetic and involves specialized accounting assessments. The company further accuses the SEC of failing to disclose Fox as an expert witness during discovery, which they argue violates the court’s scheduling order.
Ripple contends that the SEC’s characterization of Fox as a non-expert, summary witness is contradictory to her qualifications and detailed analysis in the declaration. As a result, Ripple believes that Fox’s testimony should be excluded for non-compliance with discovery rules.
Conclusion
As the legal battle between Ripple and the SEC continues, the outcome of Ripple’s latest court motion remains uncertain. With the pro-XRP community lawyers expressing doubts, the final decision on this matter will have significant implications for Ripple and the broader cryptocurrency market.
At press time, XRP was trading at $0.51945.
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