- Ripple is contesting the SEC’s classification of the “Fox Declaration” as standard evidence in their ongoing legal battle, arguing that it is expert testimony.
- Speculations suggest a possible $100 million settlement in the case, which could potentially impact XRP’s value and the broader crypto market.
Ripple and the SEC are in a legal tussle over the classification of a key witness’ testimony, with potential implications for XRP’s value and the broader crypto market.
Ripple’s Counterargument
The legal dispute between Ripple and the US Securities and Exchange Commission (SEC) has taken a new turn due to a disagreement over the testimony of a key witness, Andrea Fox. Ripple argues that the “Fox Declaration” is an expert opinion, while the SEC views it as standard evidence. The SEC maintains that the declaration includes information derived from Ripple’s own documents, which could be crucial in determining the case’s outcome. Ripple recently filed a letter supporting its initial claim, arguing that the SEC failed to prove that the “Fox Declaration” is standard evidence and not expert testimony.
Expert Testimony or Standard Evidence?
Ripple insists that Fox’s testimony goes beyond basic arithmetic applied to Ripple’s financial records, as the SEC contends. Instead, it involves an analysis of Ripple’s records, third-party evidence, and expert reports, drawing inferences and conclusions from these documents. Ripple further argues that even if Fox could be classified as a summary witness, the SEC failed to disclose her before the end of the discovery process. Therefore, Ripple insists that her testimony should not be considered in determining the case’s resolution.
Potential Settlement
Despite the ongoing trial, it is still unclear when the Ripple v SEC case will conclude or whether the parties will reach a mutual agreement. American lawyer Jeremy Hogan predicts that the lawsuit may end this summer with a $100 million settlement. The SEC initially sought a $2 billion fine from Ripple for alleged XRP sales violations, but Ripple insists that the penalty should not exceed $10 million. The case’s outcome could significantly impact Ripple’s native token’s price and the entire crypto market.
Conclusion
The ongoing legal battle between Ripple and the SEC over the “Fox Declaration” could have far-reaching implications for XRP’s value and the broader crypto market. The case’s resolution, whether through a court decision or a settlement, is eagerly awaited by stakeholders in the crypto space.
