Ripple Steps Up Efforts to Attack SEC Expert Materials

Ripple Steps Up Efforts to Attack SEC Expert Materials

The San Francisco-based company Ripple has archived a new letter to reinforce its motion to remove expert materials from the US Securities and Exchange Commission.

The San Francisco-based company Ripple has archived a new letter to reinforce its motion to remove expert materials from the US Securities and Exchange Commission.

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As reported by U.TodayRipple moved to remove expert materials from Andrea Fox, a deputy chief accountant in the regulator’s Compliance Division.

His key argument against the SEC hinged on untimely disclosure. The defendant said the regulator should reveal his expert witness before the final stage of discovery.

Ripple took issue with the fact that Fox was not revealed as an expert witness. Instead, the SEC described her as a summary witness.

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In its most recent filing, Ripple says the SEC doesn’t have a good explanation for why Fox’s deposition promotes her as an accountant if she doesn’t testify as an expert. Ripple claims that Fox did “much more” than simply copying, pasting and adding numbers.

Additionally, he says the SEC cases do not support the agency’s characterization of a summary witness. “Even if Fox was a summary witness, rather an expert, the parties’ agreement and the Court’s scheduling order required the SEC to disclose her prior to the close of discovery.”

In April, Ripple also introduced its opposition to the SEC’s motion for relief, arguing that the civil penalty should be reduced to a paltry $10 million. Meanwhile, the SEC argued that Ripple had to shell out a whopping $2 billion.

The SEC originally took Ripple to court in December 2020. Last July, the company won a partial victory, and XRP gained regulatory clarity in the US. Despite this victory, the token has significantly underperformed to that of Bitcoin.

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