Two well-known lawyers to expect that Ripple Labs will lose the motion it filed against the Securities and Exchange Commission (SEC).

This motion seeks to invalidate certain expert evidence, which would help Ripple in their case. In addition, the company has also filed a motion to significantly reduce the fine demanded by the SEC.

Ripple’s latest motion concerns the SEC’s use of a statement from Andrea Fox, with Ripple challenging Fox’s status as an expert. The SEC had introduced Fox’s statement in March as part of her opening argument and classifies her as a summary witness, meaning she summarizes existing facts to help the judge better understand Ripple’s financials.

Ripple argues that the SEC should have revealed Fox’s identity earlier during the discovery process. According to Ripple, even if Fox is considered a summary witness, based on agreements and court-established scheduling, the SEC should have revealed her identity before the end of the discovery phase.

Will Ripple lose the motion?

Legal experts, including Bill Morgan and Jeremy Hogan, are divided on the outcome of the dispute between Ripple and the SEC. They expect that Ripple will likely lose their motion, which could be a setback for the blockchain company in the further course of the case. A court decision is expected soon, and the SEC should respond by or on May 6.

While the decisions on these motions may have a limited impact on the entire lawsuit, there is a much more important issue surrounding the penalty sought by the SEC. The authority is seeking a fine of $2 billion, while Ripple is arguing for a significantly lower fine of $10 million.

Trade €10,000 for free and get a 10 euro bonus

Do you want to enter the crypto world and perhaps buy XRP or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers receive an exclusive offer.

Create an account with Bitvavo via the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!


Leave a Reply

Your email address will not be published. Required fields are marked *