A legal expert has provided the most critical lessons from the recent judgment from the presiding court on the admissibility of an expert witness in light of the growing vested interest in the ongoing legal fight between the United States Securities and Exchange Commission (SEC) and Ripple Labs Inc.
The judge is knowledgeable about XRP and the technology that powers it, argues Twitter user @MetaLawman, who claims to have handled several securities cases in the Southern District of New York. According to the legal expert, the judge strongly understood the case’s claims, defenses, and legal concerns. As a result, the ruling is likely to be challenged.
2/ Both sides (appropriately) pushed the envelope on the expert testimony they wanted to submit, so it is no surprise that both sides had some testimony excluded.
The judge drew the line in a consistent manner, with no bias or leanings or tea leaves discernible to me.
— MetaLawMan (@MetaLawMan) March 8, 2023
The judge disallowed expert testimony, severely undermining the SEC’s anticipated legal arguments. To lessen the damage, Ripple, which has a different expert it wants to testify, will also be impacted by the ruling.
“The Judge sustained Ripple’s objection to expert testimony the SEC wanted to offer about the intentions of XRP purchasers,” MetaLawMan tweeted, adding, “This is a setback for the SEC because the reasonable expectations of purchasers is a component of the Howey test for defining an investment contract.”
The course of the current lawsuit, according to MetaLawMan, has indicated that the case may be nearing its conclusion. “Given the extensive legal analysis of claims and defenses that went into these rulings, I believe the Judge is probably close to issuing a decision on the summary judgment motions”, he said.
This decision, which has been eagerly anticipated by many in the cryptocurrency environment, is sure to be significant because it will set a precedent for the sector.
Read more:
- XRP Price Could Breakout As Whales Moved Large Amounts Of Tokens Amid Ripple Case With SEC Could End In Trial
- Judge Accuses SEC Lawyers Of Self-Interest In The Ripple Lawsuit
- Ripple Is Predicted To Win More Than The SEC Because Of The Latest Moves