Ripple files motion to disallow SEC supplemental legal opinion
Ripple argues that further adjournment of the process rewards the SEC for its delaying strategy and would further disadvantage the defendant. XRP, meanwhile, is trading at $0.835 and is up about 5.7 percent over the past seven days.
In the lawsuit between the SEC and Ripple, the company’s lawyers cannot complain of a lack of work. Following the recent update released by defense attorney James K. Filan, Ripple is outraged by the SEC’s conduct in the case. Ripple accuses the SEC of deliberately late filing a supplementary expert report.
Ripple CEOs Larsen and Garlinghouse have both filed a motion to have the late-filed supplementary expert report in evidence overturned,” Filan tweeted.
It’s not the first time the SEC has played for time in the XRP lawsuit. Ripple believes that the SEC is deliberately delaying the process. Nonetheless, the defendant company is optimistic that the court’s final decision will be in its favour.
“The SEC’s decision to proceed with the filing of Dr. Waiting Metz until after the last scheduled hearing in this case requires sanctions,” the defendants said.
Ripple argues that adjourning the process again would reward the SEC for its games and further disadvantage the defendants. The justification for the application for non-admission of the expert opinion states :
“Sanctions under Rule 37 of the Rules of Procedure serve a number of purposes, such as ensuring that a party does not derive any benefit from non-compliance, and have a general deterrent effect in the present case and in other litigation.”
The appraiser Dr. Metz has already faced criticism from other experts following his report on XRP price action. He has been accused in previous lawsuits of failing to provide sufficient evidence that XRP price movements were caused by manipulative practices and not organic news about XRP.
Ripple remains confident
Before the SEC trial against Ripple began, the company had asked regulators to issue clear crypto guidelines. Through its CEO Brad Garlinghouse, the company had even hinted at a possible relocation to another country with clear crypto policies. Nevertheless, the lawsuit was filed and the company was put under pressure. To date, there are no clear guidelines.
More than a year later, Ripple stands by its position and is committed to supporting the developers of XRPL. Recently, Ripple committed 1 billion XRP to support on-chain developers.
“Ripple will provide financial, technical, and business support to launch several new developer programs as part of the fund. Over the next 10-20 years, the 1B XRP under the grant will be paid out to developers looking to build and scale their applications from proof-of-concept to new ventures on top of the XRP ledger.”
By stepping in and helping developers, Ripple is gaining crucial support from the community. XRP has managed to remain in the top ten despite the crypto evolution that has spawned many new projects.
XRP was trading at $0.835 at press time and is up about 5.7 percent over the past seven days.