SEC files to take out Ripple’s whole expert testimony in one mega take

Rick Steves

Defendants do not object to the motion provided that they be allowed the same page limit for their response in opposition to the motion. 

The Securities and Exchange Commission has filed a letter seeking leave to file one omnibus motion to exclude or limit expert testimony, and that is up to 120 pages in length.

The plaintiff wants to file the motion in order to exclude or limit the testimony to ten (10) experts who were retained by Ripple, Chris Garlinghouse, and Chris Larsen.

Read more on Ripple here

SEC proposes to file one omnibus motion

“Those experts issued reports, including initial and/or rebuttal reports regarding numerous subject matters concerning this case, and which total over 500 pages, excluding exhibits. To conserve judicial and SEC resources, the SEC proposes to file one omnibus motion to which combines what would otherwise be 10 separate motions against Defendants’ experts into one single brief”, wrote SEC attorney Pascale Guerrier.

“The proposed 120-page limit is less than the total number of combined pages under the order’s 15-page limit per expert and is sufficient to adequately inform the court of the applicable facts and law in support of the SEC’s positions.”

According to the letter, defendants do not object to the motion provided that they be allowed the same page limit for their response in opposition to the motion.

Read more on Ripple here

Court expected to rule on Hinman documents this week

As both parties seem to be moving on to motions on expert testimony, which are due next week, the court may be planning to issue its ruling on the Hinman documents this week.

“I think Judge Netburn will rule on the Hinman emails this week mainly because motions to strike expert witnesses are due next week Tuesday”, said attorney Jeremy Hogan.

The upcoming ruling is expected to be the most important one in the SEC v. Ripple lawsuit because of the consequences it would bring for the outcome of the case, the future of both Ripple and the SEC, as well as the future of XRP and probably the overall cryptocurrency ecosystem in the United States.

The expectation is that, like in the previous ruling, the court’s next decision will include “a bulletproof section” that prevents the SEC from delaying the issue further via an appeal to the 2nd Circuit.

Besides the lower probability of further delays, the upcoming order may trigger a settlement between both parties sooner rather than later. This is because many suspect the SEC will not produce its internal files, even if it costs it the whole case.

Read more on Ripple here

Read this next

Digital Assets

Bybit exits UK market ahead of regulatory changes

Bybit is suspending its cryptocurrency services for users in the United Kingdom due to impending regulations from the country’s Financial Conduct Authority (FCA).

Digital Assets

Binance argues SEC trampled authority set by Congress

Binance, Binance.US, and Changpeng Zhao have jointly filed to dismiss a lawsuit brought by the Securities and Exchange Commission (SEC) in June.


Oscar Asly replaces Rasha Gad as CEO of M4Markets Dubai

Seychelles-regulated brokerage firm M4Markets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

Retail FX

Capital Index UK reports mitigated loss despite revenue drop

FCA-regulated brokerage firm Capital Index (UK) Limited has released its annual financial report for the year 2022.

Digital Assets

Mike Novogratz’s Galaxy Digital expands in Europe

Galaxy Digital, the New York-based cryptocurrency financial services company founded by Mike Novogratz, is expanding its presence in Europe by appointing Leon Marshall as its first European CEO.

Metaverse Gaming NFT

Turingum Partners with MarketAcross to Drive Web3 Adoption in Global and Japanese Markets

Global blockchain PR leader MarketAcross joins forces with Japanese Web3 specialist Turingum to mutually expand its market reach, aiming to fortify Turingum’s worldwide footprint and MarketAcross’s presence in the lucrative Japanese blockchain landscape.

Digital Assets

Binance to delist all stablecoins in Europe next year

During a public hearing with the European Banking Authority (EBA), an executive from Binance said that the exchange could ultimately delist stablecoins from its European platforms by June 30, 2024.

Industry News

“Unconscionable conduct”: ASIC fines National Australia Bank $2.1m for overcharging customers

NAB faces a $2.1 million penalty for unconscionable conduct, as the Federal Court rules the bank knowingly overcharged customers, and took over two years to rectify the situation.