Ripple vs SEC: Ripple Might Lose in the Ongoing XRP Lawsuit; Here’s Why

The post Ripple vs SEC: Ripple Might Lose in the Ongoing XRP Lawsuit; Here’s Why appeared first on Coinpedia Fintech News

Ripples Legal is running circles around the SEC’s legal staff! A whirlwind week of negotiations and suspense has swept through the Ripple vs. SEC case, inching it closer to a potential resolution. Legal experts think Ripple’s SEC case will finish.

SEC Enforcement Division financial expert Andrea Fox’s evidence was struck out by Ripple, causing a controversy. Attorneys Bill Morgan and Jeremy Hogan, both on team XRP, said Ripple will struggle to undercut Fox’s testimony. Here’s what they think will be the possible outcome. 

SEC to Win? Pro XRP Lawyers Weigh In

Defense attorney James K. Filan posted Ripple’s brief reply on social media, prompting legal experts to discuss the matter. The move to strike might be denied, but attorney Morgan Bill said the judge could consider Fox’s report’s expert testimony. Fox could be deposed by Ripple. Similarly, Attorney Jeremy Hogan highlighted the SEC’s advantages and the probable results if credited as an expert witness.

#XRPCommunity #SECGov v. #Ripple #XRP @Ripple has filed a letter in further support of its April 22, 2024 motion to strike new expert materials, and in reply to the SEC’s April 29, 2024 opposition to that motion to strike. pic.twitter.com/vXW1C22Oso

— James K. Filan (@FilanLaw) May 2, 2024

Two pro-XRP attorneys, Bill Morgan and Jeremy Hogan, have expressed skepticism about Ripple’s motion to strike testimony provided by Andrea Fox, an accountant with the SEC’s Enforcement Division. Ripple’s reply to the SEC’s opposition to the motion prompted their speculation.

A Crucial Week For Ripple and SEC

Ripple’s motion aims to strike expert materials submitted by the SEC, including Fox’s declaration, which the SEC included in its remedies-related opening brief. The disagreement centers on whether Fox is an expert or a summary witness. Ripple claims she is an expert witness, while the SEC argues she is a summary witness summarizing existing facts.

In its reply brief, Ripple maintains that Fox is an expert witness and accuses the SEC of failing to address its arguments or legal precedents. However, legal experts like Morgan and Hogan anticipate Ripple losing the motion. They suggest that even if the judge determines Fox gave expert evidence, Ripple may still be allowed to depose her.

The court’s decision on the motion is pending, with uncertainty surrounding the outcome. The crypto community awaits the SEC’s reply brief, due on May 6, before the court issues its decision on remedies. That being said, Ripple’s fate will eventually depend on the SEC’s response and the court’s decision.