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XRP Lawsuit: SEC Files Motion to "Reduce" Ripple's Expert Testimony

Thu, 07/07/2022 - 16:00
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Tomiwabold Olajide
SEC stated that Ripple defendants have agreed to "omnibus" or "big" motion
XRP Lawsuit: SEC Files Motion to "Reduce" Ripple's Expert Testimony
Cover image via stock.adobe.com

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According to recent updates shared by defense lawyer James K. Filan, the SEC has sought permission to file a motion to exclude or limit the testimony of 10 experts who were retained by Ripple and/or its defendants, Chris Larsen and Brad Garlinghouse.

SEC stated that Ripple defendants have agreed to the "omnibus" or "big" motion, which would not exceed 120 pages, on the condition that they are given the same page limit for their response in opposition. The SEC does not object either.

"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," the SEC stated in its brief.

XRP-friendly attorney Fred Rispoli explains the implications of this: "This is highly routine and ordinary in high-stakes litigation. Ripple will be moving to strike all of the SEC's experts as well. Now you know why Ripple just staffed up with 2 more attorneys."

As previously reported, Ripple has strengthened its legal team by adding two skilled Kellogg Hansen attorneys. The two recently hired attorneys, Kylie Chiseul Kim and Clayton J. Masterman, will defend fintech company Ripple in its protracted legal struggle with the U.S. Securities and Exchange Commission (SEC).

Ripple's Monica Long talks about the big picture for NFTs

Ripple General Manager Monica Long speaks about the big picture for NFTs in the latest edition of the Ripple Drop. The Ripple exec touched on expectations for NFTs, the proposed XLS-20, unlocking the limitless potential for creators on XRPL, and then sustainability, through NFTs.

Monica Long noted that the XLS-20 standard proposed by Ripple, which is now up for approval by XRPL validators, makes the creation of NFTs on the XRPL very compact and efficient. Xange.com, a securities exchange operated in partnership with the United Nations, also announced it was in the process of building a carbon credit marketplace on XRPL.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.