According to CryptoPotato, Ripple is contesting the US Securities and Exchange Commission's (SEC) classification of the 'Fox Declaration' as standard evidence, arguing that it is expert testimony. This disagreement has escalated the ongoing legal battle between the two entities. The 'Fox Declaration' is a statement from Andrea Fox, which Ripple claims is an expert opinion, while the SEC describes it as 'standard summary evidence in support of calculations for disgorgement.' The SEC also asserts that the 'Fox Declaration' includes information derived from Ripple's own documents, such as tax returns and financial statements, which could be crucial in determining the case's outcome.
Ripple recently filed a letter supporting its initial request, maintaining that the SEC failed to prove that the 'Fox Declaration' is summary evidence rather than expert testimony. The company argues that Fox uses technical or specialized knowledge to analyze Ripple's records, third-party evidence, and expert reports, draw conclusions, and calculate disgorgement, prejudgment interest, and discount amounts. Ripple also contends that if Fox is considered a summary witness, the SEC failed to disclose her before the end of the discovery process, and therefore her testimony should not be considered in the case's resolution.
Despite the ongoing trial, it is still unclear when the Ripple v SEC case will conclude or if the parties will reach a mutual agreement. American lawyer Jeremy Hogan predicts a possible $100 million settlement this summer. The SEC initially sought a $2 billion fine from Ripple for alleged XRP sales violations, but Ripple argues that the penalty should not exceed $10 million. The case's outcome could significantly impact Ripple's native token's price and the broader crypto market.