The Securities and Exchange Commission (SEC) has sought leave to file an omnibus motion that would limit expert testimony in its case against Ripple.
The plaintiff wants to limit the testimony to 10 experts created by Ripple. An all-encompassing offer is a type of legal offer with multiple requests. A legal resolution enables the parties to systematically present or bring up other issues related to the case.
The SEC has sought permission to write up to 120 pages. Ripple has not objected to the filing – as long as they are allowed to file a response that has the same page limit.
This is a controversial development in an already hot case that has often made headlines. A decision on this proposal is to be taken on July 12.
In May, the SEC filed to protect important documents related to the case. The court also rejected an SEC motion to attack Ripple’s fair defense.
SEC alleges that Ripple sold unregistered securities to raise funds
The SEC filed suit against Ripple and its leadership in December 2020, accusing the company of selling unregistered securities under the guise of XRP to raise funds, in violation of Section 5 of the Securities Act of 1933.
XRP is a cryptocurrency created by Ripple Labs to serve as the native cryptocurrency for its payment processing platform.
The SEC’s Enforcement Department accused Ripple, its co-founder Christian Larsson and current CEO Brad Garlinghouse, of failing to register the offering and sale of XRP to retail investors, thereby preventing potential buyers from making sufficient disclosures about XRP and Ripple’s business. been deprived.
The SEC has had previous success in pursuing cryptocurrency companies to sell unregistered securities. Such examples include the Telegram TON token, the Salt blockchain, BitClave, and BCOT.
A Ripple lawyer claimed in April that the SEC would soon target crypto exchanges. It is not clear whether this will actually happen or not, but the authority is becoming more and more empowered by its actions.