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Stuart Alderoty touts the latest ruling on Daubert motions as a win for Ripple.
Ripple General Counsel Stuart Alderoty has asserted that the blockchain payments company grows more confident with each ruling in its legal battle against the United States Securities and Exchange Commission (SEC).
“As we have said throughout, we have always felt confident about our case and with each ruling, even more so,” Alderoty wrote, surmising his views in a Twitter thread today.
As we have said throughout, we have always felt confident about our case and with each ruling, even more so. 4/4
— Stuart Alderoty (@s_alderoty) March 8, 2023
The latest statement from Alderoty follows Judge Analisa Torres’ ruling on Daubert motions seeking to strike out expert testimony. As reported yesterday, the judge partially granted and denied motions from both parties. As highlighted, the ruling appeared to favor XRP holders significantly.
Alderoty, in the thread today, touted it as a victory for Ripple as well. Notably, he is not the first to express this view. In a tweet yesterday, Mr. Huber (@Leerzeit), a prominent XRP community influencer, described it as a “close win for Ripple on a purely mathematical basis.” However, Alderoty gives more context in his latest thread.
The Ripple attorney noted that the courts struck out SEC expert testimonies on the expectations of XRP purchasers and what drove the price of XRP. Conversely, Ripple’s expert testimonies on how its contracts do not meet the requirements of the Howey test, the tax treatment of XRP, the accounting treatment, and currency experts on XRP remain. Consequently, it appears that while the SEC’s arguments that XRP is a security have taken significant blows, Ripple’s case remains strong in the eyes of the judge.
Unsurprisingly, Judge Torres’ release of the latest ruling has sparked more speculation on when the judge could release her ruling on summary judgment motions. As reported yesterday, Attorney John E. Deaton, who represents thousands of XRP holders as a friend of the court in the case, noted that he does not expect any significant delays. Alderoty, in the past, has disclosed that it is possible for a ruling to come by the end of the month, aligning with previous predictions from Attorney James K Filan, who has followed the case closely.
However, the next ruling will likely be on omnibus motions seeking to seal materials related to summary judgment motions. This is one to watch out for as it will decide if the public will finally gain access to the controversial Hinman documents.