The SEC vs Ripple case has taken a new turn now after the Amici Curiae brawl. The SEC’s latest move was to file for an omnibus motion to exclude or limit expert testimony. As per court documents, the Ripple team has accepted this motion under a condition.
A 120-pager plea
The regulatory watchdog SEC filed this motion on 6 July as reported by acclaimed lawyer James K. Filan in a thread. The SEC intends to file motions to exclude or limit the testimony of 10 experts who were retained by Ripple Labs. This may also include independent experts such as Christian A. Larsen and Bradley Garlinghouse.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has sought permission to file one omnibus (big) motion to exclude or limit expert testimony, up to 120 pages long. Ripple Defendants do not object provided that they be allowed the same page limit for their response in opposition. pic.twitter.com/haa4Mr7XU1
— James K. Filan 🇺🇸🇮🇪104k+ (beware of imposters) (@FilanLaw) July 6, 2022
Cited as an attempt to conserve “Judicial and SEC resources”, Ripple has accepted the motion on a condition. The condition allows them to have a similar page limit in their response to the motion. It has since been accepted by the SEC and has now been approved by Judge Torres.
The proposed 120-page limit is lesser than the proposed 15-page limit per expert. The SEC believes this limit will be sufficient for the SEC to provide their facts and further support their positions in the case.
The drama of the SEC v Ripple legal battle embarks on a new turn with this motion. Let’s see what were the implications for the XRP token.
Tumbling during a “Mini crypto relief”
The crypto market has seen a sustained resurgence in recent days after Bitcoin crossed $22,500. This feat has since uplifted the trader sentiment with most major cryptos rising. The same is not the case for XRP as it struggles to keep pace with its competitors. XRP was trading at $0.34 after a 2.8% loss over the day. This comes after a 12% dip in trading volume in the past 24 hours. The token, has however, seen a bullish resurgence of 10% over the past week to hide its past day blushes.
The MVRV (30d) also sparks a similar theme in the chart. The index value has seen a major uptick on 6 July and has since stabilized in that zone at around 5.25%. This should arrive as positive news for XRP investors with the parent company embroiled in an everlasting legal battle with American regulators.