The legal battle between Ripple and the US Securities and Exchange Commission (SEC) continues that began in December 2020, when the regulator accused the company of raising more than $1.3 billion through unregistered securities offerings via the sale of XRP.
The case has seen many twists and turns before reaching trial on April 23, 2024.
Subsequently, Judge Sarah Netburn issued a new order focusing on the compensation request and issuing a final ruling.
Conflict over the testimony of the main witness:
In this context, a dispute arose between Ripple and the Securities Commission over the testimony of the main witness, “Andrea Fox.”
Ripple objected to the testimony, describing it as an unsolicited expert opinion, while the authority confirmed that it represented brief and important evidence.
On April 29, the SEC filed a formal objection to Ripple's request to exclude the certification, asserting that the certification is based solely on basic arithmetic operations of Ripple's financial records.
Ripple responded by saying that the SEC had not proven that the testimony constituted summary evidence, and insisted that the witness use specialized knowledge to understand the evidence and determine the facts in dispute.
Ripple raised another request, which is to seal and redact some evidence and financial documents related to the authority’s request for judgment and compensation.
In May, the SEC confirmed that the court should reject Ripple's request to hide financial information related to securities sales, because they are considered court documents material to the parties' arguments on seeking damages.
The authority believes that this information could shed light on Ripple's previous XRP sales and be decisive in legal proceedings.
However, Ripple argues that historical contracts are no longer relevant due to recent changes in sales procedures, as current sales of XRP do not include the same terms that were set in previous transactions.
Although the case is at trial, legal complications and potential appeals could drag on for years.
Posted using Tribaldex Blog