Ripple vs SEC News: Did Judge Analisa Torres Exclude Some Important Evidence?

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In the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), Judge Analisa Torres has made an initial ruling regarding the case. However, this ruling is not the summary judgment that both parties are seeking. 

Rather, the judge has issued a detailed 57-page ruling that pertains to the motions to exclude expert testimony from summary judgment, which are commonly referred to as “Daubert” motions. This ruling is an important step in the legal process and will likely have an impact on the case moving forward.

According to pro-XRP lawyer Bill Morgan, in the decision on the Daubert motion, it was made clear by Judge Torres that the main issue she must determine is whether Ripple sold XRP as a security, despite the SEC having taken broader stances at times during the litigation that indicated any sale of XRP could be viewed as an investment contract or the sale of a security. 

He said that it is unclear how evidence can be excluded or permitted regarding this particular issue while also making a decision on a broader matter for which some of the expert evidence that was not allowed may be important.

He wrote, “A more relevant question which I try to grapple with is how wide can the SEC argue is the single continuous offering by Ripple of XRP into secondary markets by relying on an allegation that Ripple distributed XRP through statutory underwriters. I mean do they even try to stretch it to ODL customers who are clearly not investors.”

The prolonged legal dispute has left traders, analysts, and the entire cryptocurrency market eagerly awaiting a decision. Although some speculate that the judge may issue a ruling in May, others believe that it may not come until June. The SEC initially sued Ripple Labs in 2020, and since then, the case has been closely watched by the crypto community due to its potential impact on the industry as a whole.