Cryptocurrency

Ripple vs SEC Lawsuit As of April 27, 2024: New Crucial Dates

The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple continues. A recent scheduling order issued by Sarah Netburn, a Magistrate Judge in the Southern District of New York, pertains to Ripple’s motion to exclude new expert evidence presented by the SEC.

A Clash Over Remedies

The case is currently in the remedies phase, following the conclusion of the main arguments. This stage determines the potential consequences for Ripple’s alleged violations of securities laws with its institutional XRP sales.

Read Also: XRP Price Prediction: Expert Indicates Timeline to Witness $0.66, $1.88, and $5.85 Supports

The SEC has submitted a motion for remedies and entry of final judgment, seeking disgorgement (repayment of allegedly ill-gotten gains), prejudgment interest, and civil penalties totaling almost $2 billion.

Ripple strongly opposes the SEC’s proposed remedies. In a previous filing, the company argued against disgorgement, prejudgment interest, and excessive civil penalties. Notably, Ripple maintains that the penalty should not exceed $10 million.

Dispute Over Expert Witness Disclosure

A new point of contention has arisen regarding expert witnesses. Ripple has filed a motion to strike new expert materials introduced by the SEC in support of its remedies motion. These materials consist of a declaration and supporting exhibits prepared by Andrea Fox, an Assistant Chief Accountant within the SEC’s Division of Enforcement.

Ripple contends that the SEC failed to disclose Ms. Fox as an expert witness during the designated discovery period. This lack of disclosure, according to Ripple, prevented them from properly deposing Ms. Fox and could lead to expense and delay if discovery needs to be reopened for this purpose.

Ripple argues that the SEC had an obligation to identify Ms. Fox as an expert witness before the close of discovery. They assert that labeling her as a summary witness does not absolve the SEC of this responsibility. Consequently, Ripple urges the court to exclude Ms. Fox’s declaration due to the SEC’s untimely disclosure.

Read Also: XRP Lawsuit: Joint Scheduling Proposal for Summary Judgment Motions Approved

Impact and Lawsuit Timeline

The court’s decision on Ripple’s motion to strike will determine the scope of evidence considered during the remedies phase. The SEC has until April 29 to respond to Ripple’s motion. Following the SEC’s response, Ripple will have three business days to submit a final reply.

This lawsuit holds significant implications for the crypto industry, as the court’s final decision on remedies could set a precedent for how regulators approach unregistered securities offerings. However, the crypto world is confident that the recent nomination of Judge Sarah Netburn could create a favorable environment for Ripple.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

Recent Posts

Analyst Urges Ripple Holders to Diversify to this Altcoin for more gains as the XRP price rises 60%

The XRP price has surged significantly recently, experiencing an impressive 60% rally. As the token…

2 hours ago

Best Cryptos to Buy This Week: Qubetics Offers Lucrative ROI, Trump Picks Chainlink, Toncoin Set to Join Bull Run

The crypto world is buzzing with excitement this week, and for good reason. President-elect Donald…

4 hours ago

Ethereum (ETH) and FXGuys (FXG): Analyzing and Comparing Bull Run Potential

Ethereum (ETH) has long dominated the cryptocurrency space, setting itself as the foundation for decentralized…

5 hours ago

Dogecoin Vs. Shiba Inu In 2025: SHIB Holds More Promise, But This AI Altcoin Will Drive 30,000%

As we look to 2025, the battle between token prices like the Dogecoin price and…

6 hours ago

Stern Critic Says XRP Is Ready to Run

XRP, a digital asset often criticized for its lackluster price movements, has recently demonstrated remarkable…

8 hours ago