Ripple (XRP) Faces Legal Setback as SEC Opposition Filing Proceeds, Says Legal Expert

• Bill Morgan, a prominent crypto lawyer, predicts that Ripple will lose its “Motion to Strike” filing in the ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC).
• Morgan suggests that the Judge will accept the SEC’s summary witness Andrea Fox’s evidence and allow Ripple to depose her.
• Ripple recently filed a letter supporting its April 22, 2024 motion to strike new expert materials.

In the ongoing lawsuit against the SEC, Ripple may lose its “Motion to Strike” filing, according to crypto lawyer Bill Morgan. Ripple recently filed a letter supporting its motion to strike new expert materials, but Morgan believes the Judge will accept the SEC’s summary witness Andrea Fox’s evidence.

Ripple’s Motion to Strike: A Legal Perspective

Bill Morgan, a renowned crypto lawyer, has expressed his belief that Ripple will lose its “Motion to Strike” filing in the ongoing lawsuit against the SEC. In a recent post on X, Morgan stated that he expects the Judge to accept the SEC’s summary witness Andrea Fox’s evidence as an expert and allow Ripple to depose her. This follows Ripple’s recent letter supporting its April 22 motion to strike new expert materials.

Implications of the Motion and Ripple’s Response

Ripple’s response to the motion highlights that the SEC failed to demonstrate that Fox is summary evidence rather than expert testimony. Ripple argues that the witness’s testimony was not timely under the Court’s scheduling order. The blockchain firm also emphasized that if Fox is an expert, the SEC had to serve a report from her during remedies discovery. The SEC was also required to disclose Fox before the close of discovery, according to the parties’ agreement and the Court’s scheduling order.

The Ripple-SEC Lawsuit and its Impact on XRP

The ongoing litigation between Ripple and the SEC over XRP sales has significantly impacted XRP’s price, causing instability among the XRP community. Despite this, the top altcoin surged about 4% in a surprise move as the community anticipated Ripple’s latest filing. At the time of writing, XRP traded for $0.51873, according to data from TradingView, with the crypto market showing signs of a momentum loss going into the weekend.

Conclusion

The ongoing Ripple-SEC lawsuit continues to create ripples in the crypto market, with the latest development being Ripple’s potential loss in its “Motion to Strike” filing. As the legal battle continues, the XRP community and the broader crypto market will be keenly watching for the Court’s remedies decision. Regardless of the outcome, the case underscores the need for clear regulatory guidelines for cryptocurrencies.