Magistrate Sarah Netburn has issued a scheduling order regarding Ripple’s request to dismiss one of the SEC’s expert materials supporting its remedies motion. The ongoing legal battle between Ripple and the SEC continues to receive updates that could impact the outcome. In the most recent development, U.S. District Judge Sarah Netburn issued a new scheduling order focused on Ripple’s motion to exclude new expert materials submitted by the SEC in support of its remedies-related brief.
Ripple recently filed its opposition to the SEC’s opening remedies brief, seeking to pay only $10 million in damages and asking the judge to reject other proposed requests by the commission. Alongside its opposition brief, Ripple submitted a motion to strike the expert materials submitted by the SEC to further support its motion for remedies. Ripple argued that the SEC failed to provide these materials from Andrea Fox, one of the commission’s top accountants, during the discovery phase of the remedies litigation. Instead, the SEC submitted them simultaneously with its opening remedies brief, limiting Ripple’s ability to effectively address the details of the expert report.
As expected, the SEC opposed Ripple’s motion to strike the expert materials, leading to a proposed new scheduling order to resolve the issue. In the latest update, Magistrate Netburn issued a scheduling order regarding Ripple’s motion to strike. According to the order, the SEC has until April 29 to respond to Ripple’s motion, and Ripple will file its reply three business days later, on May 2, 2024.
It is worth noting that Ripple’s reply will be submitted four days before the SEC files its reply to Ripple’s opposition brief. The court’s decision on whether to strike Fox’s declaration could significantly impact the final outcome of the remedies stage. The expert report focuses on Ripple’s audited accounts and penalties for XRP’s institutional sales. Excluding it could have a negative impact on the SEC’s chances of imposing a fine of nearly $2 billion against Ripple.
In other news, the crypto community received interesting news earlier this week regarding Netburn’s nomination as a federal judge in the U.S. District Court for the Southern District of New York (SDNY). Netburn has served as a magistrate in multiple cases, including the Ripple lawsuit, in the same court. President Joe Biden nominated her, along with six other individuals, for judicial positions in federal district courts.
Netburn’s nomination has received reactions from crypto enthusiasts, with Coinbase’s chief legal officer Paul Grewal praising her for her work in the industry. Netburn’s role in the SEC v. Ripple lawsuit is significant, as she has criticized the SEC for not adhering faithfully to the law and has ordered the regulatory commission to surrender drafts of William Hinman’s 2018 crypto speech to Ripple.
With her nomination, Netburn could oversee prominent cases, including those related to the crypto sector. It is important to note that this content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.
