Regulation
Ripple Presses Court to Dismiss SEC’s Expert Evidence
Ripple Labs Inc. has ramped up its court fight with the US Securities and Exchange Commission (SEC) by submitting a lengthy letter to substantiate its motion initially made on April 22, 2024. This motion seeks to eliminate the expert testimony submitted by the SEC that Ripple considers inappropriate.
The action by Ripple follows the SEC’s opposition letter dated April 29, 2024, in which it defended the admissibility of the testimony challenged.
Expert Testimony or Summary Evidence?
Ripple’s main dispute revolves around the Declaration of Andrea Fox, which it claims to be an expert testimony rather than mere summary evidence as contended by the SEC. Ripple argues that Fox’s declaration applies specialized accounting knowledge to evaluate financial statements and make inferences that surpass basic arithmetic. Ripple asserts that this clearly satisfies the requirements of an expert witness as outlined in Federal Rule of Evidence 702(a).
#XRPCommunity #SECGov v. #Ripple #XRP @Ripple has filed a letter in further support of its April 22, 2024 motion to strike new expert materials, and in reply to the SEC’s April 29, 2024 opposition to that motion to strike. pic.twitter.com/vXW1C22Oso
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) May 2, 2024
On the other hand, the SEC contends that Fox was to give a plain summary of the large amount of Ripple’s financial data, which does not require the substantial expertise typical of expert witnesses.
They claim that her analysis was mostly basic calculations designed to make the perception of the data and not to give expert opinions on financial issues.
Timeliness and Disclosure Disputes
Further important concern raised by Ripple is the timeliness of the Fox Declaration. Ripple accuses the SEC of failing to name Fox as an expert witness in the schedules stipulated by the court, which is done to guarantee that both parties have a period to react to evidence given during the court appearance.
Ripple insists that this inattention prevents them from fully conducting a cross-examination and detracting from the fairness of the trial process.
Meanwhile, the SEC opposes this argument by claiming that Fox did not need to be documented as an expert since she was a summary witness whose testimony was based on pre-existing records and simple calculations.
Precedents and Legal Interpretations
The reply brief of Ripple refers to a number of cases where courts have stricken declarations similar to Fox’s as undisclosed expert testimony disguised as fact summary. They contend that prior decisions are in favor of their stance that not properly classifying and disclosing the nature of a witness’ testimony can mislead both the opposing party and the court, thus justifying the exclusion of such testimony.
The SEC contradicts this view of the plaintiffs. It compares this case to other cases where summary witnesses were admitted without the need for a formal expert disclosure. They stress that the procedural environment and the content of the testimony dictate the requirement for these disclosures.
The result of this motion could have serious consequences in the upcoming litigation between Ripple and the SEC. If Ripple manages to get the Fox Declaration from the record, it could potentially limit the SEC’s ability to argue for specific penalties implied by the disputed calculations in Fox’s testimony. On the other hand, a successful declaration would reinforce the SEC’s case by providing a foundation for its claims against Ripple.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) has formally acknowledged the filing for Fidelity’s spot Solana (SOL) Exchange-Traded Fund (ETF).
This marks a key development in the financial industry, as Fidelity seeks to list its Solana ETF on the Cboe BZX Exchange. The acknowledgment comes after Fidelity submitted a proposed rule change, paving the way for the potential approval of the product.
Fidelity’s Spot Solana ETF Proposal
The SEC’s acknowledgment follows Fidelity’s filing to list and trade shares of the Fidelity Solana Fund under the Cboe BZX Exchange. The proposed rule change, initially submitted on March 25, was later amended on April 1, 2025, to clarify certain points and add additional details.
The amended proposal aims to list the Solana ETF under BZX Rule, which pertains to commodity-based trust shares. According to the Cboe BZX Exchange, Fidelity plans to register the shares with the SEC through a registration statement on Form S-1.
Fidelity’s experience with crypto ETFs, having launched the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), has prepared it for this new initiative. FBTC has drawn substantial interest, accumulating nearly $17 billion in assets, while FETH currently manages around $975 million.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Senate Banking Committee has voted to approve Paul Atkins’ nomination for the role of Chair of the Securities and Exchange Commission (SEC). The vote, which took place on Thursday, passed with a narrow margin of 13-11, along party lines.
Paul Atkins, nominated by President Donald Trump, now moves one step closer to taking over the top regulatory position at the US SEC.
Senate Banking Committee Approves Paul Atkins Nomination
Paul Atkins’ nomination for SEC Chair has received approval despite sharp opposition from Democratic members of the Senate Banking Committee. The vote was entirely split, with Republicans supporting Atkins and all Democrats opposing the decision.
This partisan divide highlights the contentious nature of Atkins’ confirmation, which had been under scrutiny for several reasons.
The committee’s approval now clears the path for Atkins to proceed to the full Senate for a final confirmation vote. Given the Republican-controlled Senate, it is widely expected that Atkins will secure the necessary votes to take over the SEC leadership. With Republicans holding a 53-47 majority in the Senate, the confirmation process is anticipated to move forward swiftly.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency exchange Kraken has obtained a Restricted Dealer registration in Canada. The registration comes after completing a pre-registration undertaking (PRU) process with Canadian authorities.
The exchange has also announced the appointment of Cynthia Del Pozo as its new General Manager for North America. Del Pozo will oversee Kraken’s growth initiatives in Canada.
Kraken Completes PRU Process In Canada
Kraken’s Restricted Dealer registration marks the completion of a thorough pre-registration undertaking (PRU) process with Canadian regulators. The registration places Kraken under the supervision of the Ontario Securities Commission (OSC). This oversight ensures users have access to secure crypto products within a properly regulated local ecosystem.
According to the Canadian Securities Administrators (CSA), the Restricted Dealer registration is one of eight firm registration types in Canada. This particular classification is used for firms that “do not quite fit under any other category.” It also comes with specific requirements and conditions set by securities regulators.
Kraken’s regulatory achievement comes during a period of change in the Canadian crypto sector. Just months earlier, competitor Gemini exchange announced its departure from the Canadian exchange market by the end of 2024. This was a move that surprised many and raised questions about cryptocurrency regulation clarity in the country.
Kraken Introduces New Canadian GM
Del Pozo has joined Kraken to lead its Canadian operations as the new General Manager for North America. She has nearly 15 years of experience in corporate development, operations, and fintech consulting. Del Pozo will help to guide Kraken’s expansion across Canada during this important phase of crypto’s development in the region.
“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future. I’m thrilled to join Kraken’s mission at this critical moment, and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products,” said Del Pozo.
In her role, Del Pozo will focus on strengthening Kraken’s regulatory relationships and also scaling the company’s presence throughout North America.
Del Pozo also commented on the registration achievement: “This Restricted Dealer registration is testament to the high bar Kraken has always set for consumer protection, client service, and robust security. We’re excited to continue expanding our world-class investment platform and to deliver innovative products that provide real-world utility to Canadians.”
The Exchange’s Continued Growth In Canada
Over the past two years, the cryptocurrency exchange has shown steady expansion in Canada while working through the PRU process with regulators. During this period, the exchange has doubled its team size and monthly active users.
According to the official blog post figures, the firm now has more than $2 billion CAD in total client assets under custody. Kraken has also increased support for some of the most popular cryptocurrencies. It provides several CAD spot trading pairs that enable Canadians to trade crypto without paying expensive foreign exchange fees.
According to Innovative Research Group’s 2024 Investor Survey, 30% of Canadian investors currently own or have owned cryptocurrencies. Likewise, a KPMG Canada survey discovered that 30% of Canadian institutional investors now have exposure to cryptocurrencies, which means widespread adoption across investor types.
Vignesh
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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