The Ripple vs. US Securities and Exchange Commission (SEC) case, according to crypto legal expert Jeremy Hogan, is nearing its “endgame.” According to Hogan, attorney and XRP advocate John Deaton has filed a letter claiming to represent 67,000 XRP holders.
The approach seeks to respond to the SEC’s request for an expert witness to testify about what Ripple investors thought when they bought the sixth-largest crypto asset. The effort, according to Hogan, might make the case to take a different route altogether. In addition, he says that the move could make a big difference in the case.
According to Hogan, the Court gave XRP holders amicus status. However, they must first make a request to the judge, and in this move, Deaton wants a leave of court to file an amicus brief in a Daubert issue involving Mr. Doody’s expert opinion.
Hogan additionally notes that Amici respectfully requests permission to file an Amicus Brief challenging Plaintiff’s expert, Patrick B. Doody’s, opinions. The court’s Daubert reservations about Mr. Doody’s opinions reflect the nature of the challenging difficulties it anticipated when it granted amici status. It is notable that ‘Counsel for amici just learned of Mr. Doody’s report on the behavior of individual XRP holders like amici.
The Ripple vs the SEC
The SEC, according to Hogan, wants an “expert” witness to testify about what XRP investors were thinking when they bought the cryptocurrency. Additionally, Deaton represents 67,000 real XRP holders and wants to share what they were thinking. As a result, the SEC is opposed to it.
Deaton wants to file a ‘Daubert’ motion in response to the SEC’s hiring of an expert to discuss the motivations of XRP buyers. This suggests Ripple is attempting to dismiss the witness because his viewpoint lacks a “reasonable scientific basis.” Hogan continued.
Hogan admits the motion’s timing is his sole problem.
“This is due to the fact that no formal requests to strike the expert witnesses have been filed yet.” They aren’t due until the 30th of August. But attorney Deaton felt compelled to make this move now because if he waits until August 31st, he’ll only have a month and a half to file his motion, obtain court authorization, compose, and file his brief, which is a tight deadline.
