SNEAK PEEK:
- Ripple’s experts can stay in the case on XRP, bolstering their defense.
- SEC’s experts on XRP struck from the record, weakening their case.
- Ripple is confident in their defense and optimistic about the case’s outcome.
In a significant development in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, Judge Analisa Torres has issued a crucial ruling on both parties’ Daubert motions. While this is not the summary judgment ruling, it could significantly impact the case’s outcome.
#XRPCommunity #SECGov v. #Ripple #XRP @s_alderoty on yesterday’s Daubert decision ?? https://t.co/H5uG9HwIFH
— James K. Filan ???? (@FilanLaw) March 8, 2023
The 57-page ruling by Judge Torres addresses the admissibility of expert testimony from both the SEC and Ripple, which could play a critical role in the summary judgment ruling. While neither party can claim outright victory, the ruling represents a partial win for both parties.
The SEC’s motions to exclude expert testimony have been granted in part and denied in part, while Ripple’s motions have also been granted in part and denied in part. The ruling has set the stage for a potential trial, which could have far-reaching implications for the cryptocurrency industry as a whole.
On the same note, Stuart Alderoty, Chief Legal Officer at Ripple, has announced that the Securities and Exchange Commission’s (SEC) expert on “reasonable expectations of an XRP purchaser” has been struck from the record, along with their expert who attempted to explain what “caused” the price of XRP to fluctuate.
Yesterday’s opinion from the Court on Ripple and the SEC’s proposed expert opinions – if you didn’t read all 57 pages, here’s the TLDR… 1/4
— Stuart Alderoty (@s_alderoty) March 8, 2023
In addition, as Stuart Alderoty noted, the experts retained by Ripple who provide testimony on how Ripple’s contracts differ from those in “Howey,” the tax treatment of XRP, the accounting treatment of XRP, and currency experts on XRP have all been allowed to remain in the case.
Overall, Ripple remains confident in its case against the SEC and is pleased with the recent developments.