SEC Making Every Attempt to Limit Ripple’s Testimonies

SEC Making Every Attempt to Limit Ripple’s Testimonies
SEC Making Every Attempt to Limit Ripple’s Testimonies

  • SEC requests court approval to disclose Ripple expert testimony.
  • The court had permitted the commission to make a move excluding the testimony.

According to a recent report provided by James K. Filan in the ongoing Ripple vs SEC battle, the U.S. Securities and Exchange Commission (SEC) has issued a request to provide one lengthy statement up to 90 pages in depth in support of its Motion to exclude or limit the evidence of ten Testimonies hired by Ripple defendants.

Defense attorney and former Federal prosecutor James K. Filan tweeted that;

The SEC requested Judge Analisa Torres to allow responses on Wednesday. At the same time, there is a 15-page restriction for submitting responses under the court’s procedures in civil disputes, although the SEC proposed a 90-page limit.

SEC Steps Toward Ripple Testimonies

The SEC wants to leave and submit one big statement that will be up to 90 pages long, per the letter. It stated that the court had given the commission permission to make a move for excluding testimony, that was up to 120 pages long. 

Also, the SEC underlined that the purpose of this request is to exclude the testimony of ten experts that the defendants hired. And it added that the page limit for responses is not specified in the court ruling.

According to the commission statement, both Ripple and its Defendants are opposed to their request. Also, they seek 11 pages for each reply brief in this kind of future motion. And the SEC does not want to object to the defendant’s request. 

In December 2020, the SEC filed a complaint against Ripple, stating that the firm engaged in an unregistered services offering in which it sold XRP, the native cryptocurrency of the XRP Ledger created by Ripple Labs, for more than $1.3 billion. The CEO of Ripple, Brad Garlinghouse, and the executive chairman, Chris Larsen, are also defendants by the SEC for reportedly helping and assisting Ripple’s criminal activity.

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