The SEC Wants To Limit Expert Testimony In The Ripple Case.
The Securities and Exchange Commission has requested permission to file an omnibus motion in its lawsuit against Ripple that would limit expert testimony.
The plaintiff wishes to limit the testimony to ten Ripple-hired experts. An omnibus motion is a form of legal motion that contains several requests. Legal motions allow the parties to introduce or bring other topics relating to the case into the proceedings in a systematic manner.
The Securities and Exchange Commission has asked for authorization to write up to 120 pages. Ripple has not opposed to the submission, as long as they are allowed to respond within the same page restriction.
It is a problematic development in an already contentious case that has made frequent headlines. The motion must be decided by July 12.
In May, the agency filed a motion to seal critical case documents. In addition, the court refused an SEC move to strike Ripple’s fair defense.
In December 2020, the SEC filed a complaint against Ripple and its leadership, accusing them of selling unregistered securities under the pretext of XRP to obtain funds, in violation of the Securities Act of 1933.
Ripple Labs established XRP to serve as the native coin for its payment processing network.
According to the SEC’s Enforcement Division, Ripple, its co-founder Christian Larsen, and current CEO Brad Garlinghouse failed to register their offer and sale of XRP to retail investors, depriving potential buyers of appropriate disclosures regarding XRP and Ripple’s business.
The agency has already pursued cryptocurrency businesses for selling unregistered securities. Telegram’s TON token, Salt Blockchain, BitClave, and BCOT are a few examples.
In April, a Ripple lawyer stated that the agency would shortly investigate cryptocurrency exchanges. It is unclear whether this will occur, but the authority has been more assertive in its operations.
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