Ripple fights tooth and nail to strike down exhibits and expert testimonies in their legal battle against the SEC.
An explosive legal battle erupted as the defense team launched a motion to strike the testimony of Andrea Fox, the elusive accountant for the SEC Enforcement Division. With the filing made on April 22nd, the defense argued that Fox’s testimony should be barred from the case due to the SEC’s failure to disclose her identity during the discovery phase.
The SEC refused to back down, branding Fox as a “summary witness” and contending that such witnesses were not required to give their complete testimony during discovery. Citing legal precedent, they argued that summary witnesses were immune to certain discovery regulations as their role was merely to offer a condensed version of already established evidence.
Explosive allegations have emerged from Ripple, claiming that Fox deliberately omitted crucial details from the company’s financial statements. Furthermore, Ripple’s legal team was denied the chance to question her in a deposition.
How Is XRP Faring during the Battle?
Breaking through the mid-week slump, Ripple’s XRP coin made a steady ascent of 0.31% on Thursday and continued its upward trajectory with a 0.5% gain on Friday. Currently standing at $0.527 (XRP/USD), the coin has maintained a consistent position for the past few weeks.
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On April 12th, XRP experienced a sudden and drastic decline, leaving investors on edge. Unfortunately, the coin has continued to struggle as it faces intense scrutiny in the midst of a court case.
Rumors of potential hefty fines for Ripple due to illegal securities trading have only added to the tension. The fate of Ripple’s finances hangs in the balance as the court prepares to make a decision on May 6th. This crucial date marks the SEC’s ruling on the amount Ripple must pay in restitution.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.