Tech

SEC Files Opposition To Ripple’s Motion Citing These Three Reasons

03/19/2022
Bitcoin Ethereum News

The U.S. Securities and Exchange Commission (SEC) has filed its opposition to Ripple’s motion to Strike Dr. Albert Metz’s supplemental expert report. However, the Commission requested a two-day extension to file this response. The SEC cited three main reasons why defendant’s motion should be denied. Ripple is set to file its reply by 24th March.

Dr. Metz’s expert report is an analysis that determines specific announcements made by Ripple at the time of ICO affecting XRP’s price.

SEC points out 3 main reasons

  • The SEC in the opposition has said that Ripple is trying to rule out Dr. Metz’s expert opinions in this matter. This should be decided by Judge Torres as the motion disregards the procedure.
  • The Commission asserted that Ripple is trying to seek an unfair advantage in this lawsuit. The agency claims that expert testimony will be critical to the trier of fact.
  • The SEC mentioned that defendants can show no genuine prejudice as the Report is not an appropriate sanction under Fed. R. Civ. P. 26 and 37.

However, the agency also added that o resolve the Motion, this Court must consider these points.

(1) a party’s explanation for the failure to comply with the disclosure requirement.
(2) the importance of the testimony of the precluded witnesses.
(3) the prejudice suffered by the opposing party as a result of having to prepare to meet the new testimony.
(4) the possibility of a continuance.

Attorney James K. Filan stated that SEC’s response is poorly written and it wrongly accuses Ripple over the procedure.

Attorney Jeremy Hogan noted that the SEC has filed a second rebuttal report while the court has allowed registering only one.

XRP price up by only 2%

On the market side, XRP is up by over 2% in the last 24 hours. The token is trading at an average price of $0.809, at the press time. The XRP ‘s 24-hour volume of $2,108,909,429 has seen a surge of over 25%. As per CoinMarketCap, the coin is placed at 6th position with a total market cap of $38.9 billion.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Source: https://coingape.com/sec-vs-ripple-sec-files-opposition-ripple-motion-strike-metz-expert-report/