There have been new developments for the Ripple case. Defendants in court accused the U.S. Securities and Exchange Commission (SEC) of taking an “extreme stance” on expert reports. In a recent letter to Judge Analisa Torres, they allege that the plaintiff tried to suppress any “substantial criticism”.
New development for the Ripple case: Here’s what happened
In late May, Deaton Law Firm attorney John Deaton submitted a motion letter asking the judge’s permission to hold a briefing on behalf of tens of thousands of XRP holders. The move follows SEC expert witness Patrick B. Doody. He prepared a report on what motivates XRP holders to purchase the controversial token. Deaton expressed his intention to introduce a Daubert motion that would exclude the presentation of unqualified evidence.
Hogan & Hogan’s attorney, Jeremy Hogan, said the move was “big” as taking a stand against the expert would make proving his case much more difficult. On June 9, the court rejected the SEC’s move to seal the opposition letter to a request to join the Daubert challenge, arguing that the agency was trying to withhold more documents than necessary. As we reported on Kriptokoin.com, on June 15, the SEC submitted its proposed redactions to prove “more threats” to expert witness.
SEC’s request to seal information on experts
After the SEC’s call to seal the move on the Daubert challenge, Ripple has responded harshly. Addressing New York Southern District Court Judge Torres, the Ripple team said the facts did not support the SEC’s claims. Ripple said that the actual record in the pending SEC request does not support the extraordinary relief. After requesting that information on Expert 1 be sealed, the SEC further stated that the sealing should be extended to include the other three experts.
The Commission wants not only not to disclose their names and related information, but also to conceal any movement on the merits of their reports. Ripple stated that the purpose of Daubert’s motion is to question the reliability and acceptability of an expert report. The SEC’s request means that the entire act must be filed and sealed for four experts. Ripple has criticized the SEC’s actions as opposing the public’s right to access important materials.
The Ripple team described the actions of the Securities and Exchange Commission (SEC) as ‘unprecedented’. Ripple explained that the commission’s attempts to protect identities and opinions from public scrutiny are not supported by any evidence. But the court ordered the SEC to sue over why the records had to be sealed. To justify its stance on the sealing, the court had asked the SEC to express its opinion by June 14 without further delay.
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