SEC accepts Ripple’s request: A genuine gesture or strategic move
The SEC has accepted a recent Ripple request made on 9 August in what seems like a strategic move. The Defendants’ legal team proposed three exemptions in their opposition to their motions to exclude expert testimony.
According to data procured from James Filan, the Ripple team wants to seal identities of non-parties, identities of certain Ripple employees, and personal financial information for a Ripple employee. Ripple’s legal consensus believes it is important to exclude any information linking non-parties. The reason being that it may affect their relations with Ripple in the future.
The SEC decided not to object this request strictly for purposes of Daubert motions only. The SEC also didn’t concede that the above categories of information should properly be sealed for summary judgement briefing.
At the same time the SEC reserves the right to oppose similar requests for summary judgement.
No claim, no show
Recently, the SEC saw a motion accepted by Judge Torres that allows them to cement its previous motion with this 90-page reply. The Plaintiffs filed this motion on 24 August to exclude the testimonies of 10 Ripple experts in an omnibus reply.
Defense attorney James Filan shared the SEC filing on the social media platform accordingly.
He tweeted, “The SEC has filed a request to file one omnibus (big) reply, up to 90 pages in length, in further support of its Motion to Exclude the Testimony of Defendants’ Expert Witnesses”.
The Ripple team lays no objection to this motion and accepts 11 pages for each reply brief. However, Ripple is looking to exclude testimonies of 5 of SEC’s experts which the American regulators do not object.
This comes after the recent beating on the part of the SEC. The SEC was ordered by the court to submit all the Hinman speech materials as they depict relevant objections regarding the decision.
We will have to wait and see how Ripple reacts to the latest motion as it eventually decide the fate of the case.