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The One Thing Stopping a Verdict in the Ripple vs. SEC Case

By Vukan Ljubojevic | TH3FUS3 Senior Writer

May 22, 2024 05:45 PM

Reading time: 1 minute, 59 seconds

TL;DR The multi-year legal battle between Ripple and the SEC continues to plague the XRP community. Pro-XRP advocate Ashley Prosper claims that a decision from Magistrate Netburn is the only thing preventing Judge Torres from issuing a final verdict.

Prominent XRP community member Ashley Prosper pointed out a particular factor preventing Judge Analisa Torres from issuing her final decision in the SEC v. Ripple case.

Ripple's Motion to Exclude

He asserted after the SEC filed its opposition brief to Ripple's omnibus sealing motion.

According to Prosper, the only thing stopping the judge from issuing the final verdict is Magistrate Sarah Netburn's decision regarding Ripple's motion to exclude the testimony of SEC's witness, Andrea Fox.

In April, Ripple asked Magistrate Netburn to exclude Fox's declaration, which the SEC submitted to justify its remedies demands.

Describing Fox as an expert witness, Ripple contended that the SEC was supposed to tender her declaration during the discovery phase of remedies to enable it to respond and counter her claims.

Since the SEC did not provide the declaration during discovery, Ripple asked Magistrate Netburn to exclude the testimony by the court's scheduling order for remedies.

SEC's Counter Argument

Conversely, the SEC claimed that Fox was a summary witness who only summarized existing facts to help the judge understand Ripple's financial records.

According to Prosper, the decision on whether Fox is an expert or summary witness could "open up [a] can of worms" that could further delay the resolution of the SEC v. Ripple lawsuit.

Implications of Netburn's Decision

Prosper emphasized that Magistrate Netburn typically takes around 30 days to decide small motions, indicating that her ruling could come at any moment.

Nonetheless, he suggested that Torres' final verdict could be delayed if any of the parties decided to challenge Netburn's decision.

"The decision on whether Fox is an expert or summary witness could open up [a] can of worms that could further delay the resolution."

The XRP pundit said that while he hopes the court disregards Fox's declaration after Magistrate Netburn declares her an expert witness, he does not see that scenario playing out.

Expert Opinions

His projection aligns with similar views of pro-XRP lawyers Bill Morgan and Jeremy Hogan.

As reported earlier, they speculated that even if Netburn considers Fox an expert witness, she will not discard her testimony but allow Ripple to depose her.

Fox's declaration is essential to the final verdict and could help determine the appropriate penalty against Ripple for its securities law violation.

Hence, Judge Torres would likely wait to see whether her colleague would exclude Fox's testimony before issuing the final verdict.

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