- The SEC has filed to oppose Ripple’s motion to strike the declaration of summary witness, Adrea Fox.
- Bill Morgan faults Fox’s declaration, noting it is not expert evidence.
- Morgan thinks it is difficult to see the SEC’s argument, regardless of the outcome of its opposition filing.
On Monday, April 29, the U.S. Securities and Exchange Commission (SEC) filed a motion in court to oppose Ripple’s motion to strike the declaration of SEC summary witness Adrea Fox. According to SEC, Ripple incorrectly claims the declaration constitutes undisclosed expert testimony.
Analyzing the SEC’s filing, renowned crypto lawyer Bill Morgan highlighted some salient points in the SEC’s statement. According to Morgan, the SEC argues that the Fox declaration is not expert evidence. Nonetheless, Ripple does not dispute the summary of its financial records is correct.
Furthermore, Morgan noted that the SEC argues that Fox did not give an opinion that some institutional buyers suffered pecuniary harm. He thinks that the witness stated what counsel told her to state, noting that whether some institutional buyers suffered pecuniary harm because others received higher discounts is a legal question.
Meanwhile, Morgan believes that regardless of the outcome of the SEC’s motion, it is difficult to see the SEC’s argument on the question of pecuniary harm as strong. The renowned lawyer likened the situation to customers complaining they made some profit with Ripple but did not make as much as someone else.
Morgan connected the ongoing case with the SEC’s alleged negligence over a previous matter. He cited the Sam Bankman-Fried and FTX situation, indicting the SEC for claiming to protect investors from a missed opportunity to make even higher profits while failing to protect them from Bankman-Fried and FTX.
According to the SEC, its recent filing aims to aid the court by presenting three calculations summarizing Ripple’s financial records and parts of Ripple’s sales records. The commission also aimed to show the prejudgment interest accrued on Ripple’s “ill-gotten” gains.
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