The U.S. Securities and Exchange Commission is requesting to file a lengthy reply to its motion that seeks to exclude the testimony of Ripple Labs’ witnesses, as the SEC’s lawsuit against Ripple drags on.
See related article: Judge grants Ripple’s request to review videos of SEC officials
Fast facts
- The SEC filed the request on Wednesday to Judge Analisa Torres that looks to submit a reply, up to 90 pages in length, in further support of its July motion to exclude the testimony of Ripple’s ten expert witnesses.
- The motion came after the judge on April 28 ordered that such motions and responses should be limited to 15 pages per expert witness.
- In December 2020, the SEC filed a lawsuit against Ripple alleging that its sale of XRP — the native token of XRP Ledger which powers Ripple’s payment network — was an unregistered securities offering worth over US$1.38 billion. The SEC also named Ripple’s executive chairman Chris Larsen and CEO Brad Garlinghouse as co-defendants for allegedly aiding and abetting Ripple’s violations.
- Last week, the SEC also submitted a reply brief in support of its objections to orders that asked the SEC to disclose drafts of a 2018 speech made by former SEC director William Hinman.
- On Aug. 14, Judge Sarah Netburn granted Ripple’s motion to serve two subpoenas to authenticate seven video recordings in which SEC officials made public remarks.
- XRP was trading up 2.1% in the past 24 hours at US$0.3476 at 3:40 p.m. Hong Kong time, according to data from CoinMarketCap.
See related article: SEC files brief on Hinman speech as XRP lawsuit drags on