US Judge Issues Ruling on SEC vs. Ripple Lawsuit Expert Testimonies

Taking to Twitter, James K. Filan shared that US judge Analisa Torres issued a ruling on Ripple’s and SEC’s Motions to preclude expert testimony.

The court session discussed the relevance of 15 expert testimonies made during the SEC vs Ripple civil action lawsuit. The court stated that SEC’s and Ripple’s motions to preclude expert testimonies have been partly granted, while some statements have been denied.

Addressing the reason behind their decision, the court pointed out the legal standard, stating:

The admissibility of expert testimony is governed by Federal Rule of Evidence 702.

This indicates that the court has excluded the expert testimonies if they have not met any of the requirements mentioned in the Federal Rule of Evidence 702.

In the end, the court decided that a few motions made by SEC and Ripple Labs should be completely denied, while other expert testimonies should be partly excluded.

The community is confident regarding the ongoing legal proceedings, believing the court is closely evaluating each motion and session carefully. Moreover, they believe that the court will also pass a ruling regarding Roslyn Layton’s motion to release the documents related to a speech the former SEC Director of Corporation Finance William Hinman gave in 2018.

Hinman’s speech, reportedly, proclaimed that ETH, the native token of the Ethereum blockchain, is not a security. Moreover, Gary Gensler reiterated that BTC is not a security, which is considered a positive sign for the crypto community.

Ripple Labs’ battle with SEC has been ongoing since 2020. The civil action lawsuit, filed by SEC, alleges Ripple Labs engaged in an unlawful offer and sale of XRP, claiming it’s unregistered security.

XRP has been slightly affected by the ongoing case as it continues to remain within the same level for some time. However, Ripple’s fans have faith that XRP will rise again after the end result of the case.

At the time of writing, XRP is priced at $0.3697, experiencing a fall of 1.15% in seven days. However, XRP also witnessed a price spike of 1.88% in just 24 hours, as its market cap is valued at $18,826,759,522.