To make the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission more complicated, the SEC has responded to Ripple’s Motion to Strike new expert materials in a legal move. The issue that is being argued about is SEC accountant Andrea Fox’s testimony, which Ripple wants to have disregarded.
The opposition brief challenges the company’s characterization of Andrea Fox as an undisclosed expert witness. According to the SEC, this declaration does not qualify as such but instead acts as standard summary evidence under Federal Rules of Evidence 1006.
Ripple’s motion to strike Fox’s testimony hinges on the assertion that her declaration constitutes expert testimony that should have been disclosed earlier. However, the SEC rebuts this claim, asserting that Fox’s declaration merely involves basic arithmetic applied to financial data provided by the company. The SEC emphasizes that Fox’s role as a summary witness doesn’t rely on specialized experience or render expert opinions but serves to clarify financial amounts discussed in court.
Furthermore, the SEC highlights the company’s failure to challenge Fox’s declaration earlier through available discovery processes, such as depositions and requests for information. This lack of action, according to the SEC, undermines the company’s grounds for complaint or surprise regarding Fox’s testimony.
Ripple and HashKey DX: Japanese Market Entry
While legal wrangling ensues in the courtroom, the company is making moves in the Japanese market. In a strategic partnership with HashKey DX, Ripple aims to introduce XRP Ledger (XRPL)-powered enterprise solutions to Japan. Leveraging HashKey Group’s success in blockchain-powered supply chain finance solutions in mainland China, HashKey DX will spearhead the introduction of similar solutions to Japan.
These enterprise solutions, built on the XRPL, are set to change supply chain finance in Japan with rapid settlement speeds, low costs and scalability. These will be among the first Japanese corporations to adopt these solutions by SBI Group companies, and this is a major milestone for blockchain adoption in Japan.
Representatives from both Ripple and HashKey DX expressed their confidence for the transformational potential of XRPL-powered solutions while emphasizing their commitment towards advancing blockchain technology as well as bringing real benefits to businesses within Japan.
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