SEC v Ripple: Case takes this turn after dispute over expert testimony

The authorized battle between SEC and Ripple Labs continues to put on on after the newest developments. Final week, the SEC utilized for an omnibus movement to exclude (or restrict) knowledgeable testimony. The Ripple group accepted the movement and filed a counter-motion as properly.

A authorized cul-de-sac

What regarded like an easy counter has now changed into a brawl. On 10 July, the Ripple attorneys filed a movement to hunt an expedited briefing on SEC’s “excessive place.” The court docket doc says that is the SEC’s try to hide the id of specialists and criticism of studies from public view.

Then again, the Ripple authorized group believes that it’s “Egregious” for the SEC to suppress “Public criticisms of its specialists’ opinions,” given that the majority data within the studies will likely be concerning Ripple itself. The doc claims that the SEC is abusing the Protecting Order to forestall criticism of its specialists from being public.

The SEC has now filed its response to Ripple’s request for an expedited briefing concerning the disputed SEC sealing requests. Of their response, the SEC lays no objection to Ripple’s briefing schedule.

Moreover, SEC intends to guard the specialists from harassment and different threats. Earlier, one of many knowledgeable’s identities was revealed which brought about security threats since his identify was publicized by amici. By and huge, the SEC desires to seal knowledgeable testimony within the identify of a “greater worth” of defending witness security.

That being mentioned, the court docket doc said,

“If the court docket has not dominated on the SEC’s pending functions earlier than 22 July (the proposed deadline for the events’ motions to seal), the SEC intends to maneuver to provisionally seal Defendants’ movement regarding the Knowledgeable as properly the names and figuring out data of the SEC’s different specialists.”

Greener pastures forward?

Whereas this authorized battle drags on, the SEC is up for a vital assembly in direction of the tip of the month. Ron Hammond, Director of Authorities Relations at Blockchain Affiliation, tweeted in regards to the assembly just lately.

This week in Congress and crypto: Congress approaches a troublesome 3 week summer time stretch to handle lots of urgent points. Whereas crypto is not at all prime of thoughts for Members proper now, it can nonetheless be a busy month. Hearings, payments, and what else to anticipate this month from Congress

— Ron Hammond (@RonwHammond) July 11, 2022

He referred to as it the “most high-profile” listening to for the business this month because it focuses on SEC’s Division of Enforcement. Hammond mentioned that there are nonetheless lots of subjects to be mentioned. These embody pending crypto payments, SEC/CFTC jurisdiction, stablecoins, safety legal guidelines, and tax readability as properly.