Connect with us

Ripple

XRP lawsuit: Daubert challenge edition sees new ‘exposing’ updates

Published

on

The Daubert challenge edition sees new 'exposing' updates in the Ripple vs SEC lawsuit
Source: Unsplash

It’s fair to say now that the crypto participants are accustomed to a volatile market. Along with crypto tokens, even litigations continue to see new developments weekly. In this case, the ever-lasting lawsuit between the SEC and Ripple- the Daubert challenge edition.

Herein, the SEC filed its request to seal a filing in connection to the Daubert challenge. This move comes on the heels of testimony from an expert SEC witness – Patrick B. Doody – who reported on what information ‘reasonable’ XRP holders relied on while buying the token.

Exposing the ‘Un-exposed’

Needless to say, as the circle goes, Defendant objected to most of the changes proposed by the SEC. Ripple and other defendants countered Plaintiff’s request to impose an “unprecedented level of secrecy on these proceedings by sealing all identifying information in the Daubert Motions regarding its five proffered expert witnesses.”

Attorney James Filan highlighted this development in a 26 July tweet.

The blockchain company found SEC’s latest request as the ‘opposite of narrowly tailored.’ In this regard, the filing in connection to the Daubert challenge elaborated,

“They would completely obscure the identity, educational background, employment history, publications, and professional affiliations of all of the SEC’s proffered experts from public view despite such information being central to the resolution of the parties’ Dauber Motions, and despite some of that information already being public.”

The SEC cited no case. In fact, “Defendants are aware of none, where a court sealed the identity and qualifications of an expert witness in the context of deciding a Daubert motion,” as per the filing. Ergo, the Court should decline the invitation to become the first.

Moreover, Ripple’s executives asserted, apart from Plaintiff’s speculations, the available evidence suggested that disclosure of the experts’ identities would not have the consequence stated earlier.

Instead, the SEC’s justification for the request objected to three of Judge Netburn’s orders in a single brief, Ripple argued.

Objection, My Lord

Just as XRP enthusiasts lauded this litigation, Plaintiff was indeed quick to acknowledge as well as respond. The SEC filed its opposition to the Ripple Defendants’ motion to seal in connection with the expert challenges.

Defendant sought to seal five categories of information submitted in connection with the parties’ motions.

This included Ripple’s financial data and the terms of certain contracts between Ripple and third parties. Also, identities of non-parties, former Ripple employees, and certain personally identifiable information.

The SEC does not oppose sealing the third, fourth, and fifth categories, however, “with respect to the first two categories, Defendants cannot overcome the substantial presumption of public access,” according to the filing in connection to the Daubert challenge.

You might ask- How did the crowd react? Well, annoyed and irritated with SEC’s relentless comebacks. But another attorney, Jeremy Hogan laid support for one of the key Defendant representatives.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.