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Ripple Accuses SEC of Taking "Extreme Position" on Expert Reports

Mon, 07/11/2022 - 07:47
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Alex Dovbnya
Ripple and SEC fight it out over expert witness reports as suit rages on
Ripple Accuses SEC of Taking "Extreme Position" on Expert Reports
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The defendants in the Ripple case have accused the U.S. Securities and Exchange Commission of taking an "extreme stance" on expert reports. In a recent letter addressing Judge Analisa Torres, they claim that the plaintiff is trying to suppress any "substantive criticism."

In late May, attorney John Deaton of the Deaton Law Firm filed a motion letter to ask the judge to allow him to file a brief on behalf of tens of thousands of XRP holders.

The move came hot on the heels of Patrick B. Doody, the SEC's expert witness, preparing a report on what motivated XRP holders to purchase the controversial token.

Deaton has expressed his intention to file a Daubert motion that would exclude the presentation of unqualified evidence.

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 Jeremy Hogan, an attorney at Hogan & Hogan, said that the motion was "big" since striking the expert would make it far more challenging to prove its case.

On June 9, the court denied the SEC's motion to seal its opposition letter to the amicus request to take part in the Daubert challenge, arguing that the agency was trying to seal more than necessary. On June 15, the SEC submitted its proposed redactions in order to prove the expert witness from "further threats" and "harassment."

"But no expert witness should expect to be subjected to a campaign of humiliation, harassment, or threats simply by agreeing to act as an expert witness," the SEC argued.

The defendants, however, claim that the agency is trying to "suppress public criticism of its experts' opinions."

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at