Ripple Counters SEC’s Opposition Brief With New Filing, What Does It Say?

ripple filed new court documents in support of its motion to introduce new evidence. long legal battle against Securities and Exchange Commission (SEC). The cryptocurrency company filed its first complaint on April 22, seeking to contest Andrea Fox, the commission’s accountant, as one of the petitioner’s witnesses.

Ripple asserts latest demands

inside letter addressed to Judge Sarah NetburnRipple argued that the SEC has failed to prove that Andrea Fox’s filings are “summary evidence rather than evidence.” expert testimony Or that it was based on a court order to adjust the schedule. ” In line with this, they demanded that her testimony be retracted.

Ripple first raised this motion Opposition SEC Motion for Relief and Commencement of Final Judgment. They argued that the SEC erred in relying on Foxx’s testimony because she was never disclosed as a fact or expert witness and was not removed during her initial discovery or replenishment. finding a cure.

In response to Ripple’s initial motion, the SEC I’ve tried Ripple’s classification of her testimony as an expert witness was intended to portray Fox as a summary witness rather than an expert witness. The committee argued that “Ripple falsely claims that this declaration constitutes expert testimony.” It further stated that this was not the case and argued that Fox’s statements were “admissible standard summary evidence” under the law.

This is why Ripple reversed course in its latest court filing. Even if Fox was a summary witness (and not an expert witness, as is believed); The SEC isn’t trying hard enough. To prove this. The cryptocurrency company also pointed out that it also fails to explain why Fox’s filings emphasized her qualifications as an accountant, even though the committee did not seek to feature her as an expert witness.

Witness qualifications usually only matter if the witness in question is intended to give expert testimony. As such, everything indicates that Ms. Fox is an expert rather than a summary witness, although the SEC claims that she is not.

Another discussion on why Fox is an expert witness

In its response, the SEC argued that Fox was a summary witness because his filing merely applied “basic arithmetic to Ripple’s financial records.”However, Ripple refuted this argument, noted that Fox’s actions suggested she was acting as an expert witness.They described how her accountant took advantage of her specialized knowledge We will analyze not only Ripple’s records, but also third-party evidence and expert reports.

She then used her analysis to draw inferences and conclusions about the documents she reviewed. Ripple also claimed to have calculated disgorgement, pre-determined interest, and discount amounts based on the analysis. Basically, this cryptocurrency company was alluding to the fact that the SEC stipulates that: Proposed fines of approximately $2 billion Based on Fox’s judgment.

ripple It also noted that the SEC cited one of Fox’s reasoning in its relief cryptocurrency company, “A layperson cannot ‘guess’ what an entry ‘seems’ to mean by doing some basic mathematics. ”

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