Ripple (XRP) Aims to Dismiss SEC Accountant’s Testimony in Ongoing Lawsuit: Here’s What to Expect
In the latest development of the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), the regulatory agency has filed a motion opposing Ripple’s request to strike the declaration of Andrea Fox, a top SEC accountant.
James K. Filan, a seasoned defense lawyer, shared the news, noting that the SEC submitted the motion yesterday in compliance with the court’s recent scheduling order.
Last week, Ripple filed a motion asking the court to disregard the testimony and supporting evidence submitted by the SEC in support of its opening remedies brief. Andrea Fox, who issued an arithmetic report on Ripple’s financial records, provided the in question testimony.
As claimed by the SEC, Ripple characterized Fox as an expert witness rather than a summary witness, arguing that the regulatory agency should have tendered her declaration during the discovery phase of the remedies litigation.
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SEC Counters Ripple’s Argument, Emphasizing Fox’s Role as Summary Witness
In its latest filing, the SEC has asked the court to deny Ripple’s request, stating that the company mischaracterized Fox as an expert witness instead of a summary witness.
The regulatory agency argued that Fox, as a summary witness, did not issue her testimony based on specialized experience or render any opinions in the report. Instead, the SEC claims that the report only streamlined the presentation of Ripple’s audited financial record to Judge Analisa Torres using basic arithmetic operations.
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Furthermore, the SEC noted that Fox only followed the instructions of its legal counsel and did not provide an opinion on whether institutional clients suffered pecuniary harm on their XRP purchases.
The Importance of Determining Fox’s Role in the Case
The classification of Andrea Fox as either a summary or expert witness is crucial to the case, as it will determine whether or not the court will strike her declaration. If the court considers Fox an expert witness, it could rule against the SEC for not complying with discovery requirements and failing to tender the report during the discovery phase, which would have allowed Ripple to respond or counter the argument.
However, if Fox is declared a summary witness, it will be up to the court to determine whether she offered new information, which could significantly impact the outcome of the remedies litigation.
Ripple to File Reply to SEC’s Opposition on May 2, 2024
Ripple is expected to file its reply to the SEC’s opposition on May 2, 2024. In this reply, the company will address the points raised by the SEC and present counterarguments. Ripple is likely to counter the SEC’s argument regarding Fox’s classification as an expert or summary witness and whether she offered new information.
As the legal battle between Ripple and the SEC continues, the latest development highlights the importance of defining the role of witnesses and the admissibility of their testimony and supporting evidence.
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Whether to strike Andrea Fox’s declaration depends on the court’s classification of her as an expert or summary witness, and whether she disclosed new information during the discovery phase.
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