Management of Ripple have called for fines against the SEC’s ‘gamesmanship’
When considering the SEC vs. Ripple case, one would wonder whether Ripple Labs and its management have finally reached the end of their patience. That seems to be the case. Notably, the defendants have maintained their adamant opposition to Plaintiff.
Ripple Labs and individual defendants Chris Larsen and Brad Garlinghouse have submitted an amicus brief in support of their move to invalidate the SEC’s Metz Supplemental Expert Report.
James Filan, a well-known attorney, tweeted the new development. Indeed, “Dr. Metz’s first paper lacked a comprehensive summary of the ideas” he “wanted to communicate, as well as the grounds and justifications for them.” This was consistent with the Federal Rules of Civil Procedure.
Dr. Metz’s extra expert report would only reward the SEC for its “gamesmanship” and would further disfavour the defendants, Ripple said. Additionally, the business said,
“Continuance would reward the SEC for its deception and would disadvantage Defendants further. The SEC has previously requested multiple extensions in this action, which Defendants have vehemently rejected,” according to the letter.
The SEC’s decision to submit Dr. Metz’s updated rebuttal report after the last planned deposition in this matter warranted fines. ‘Sanctions under Rule 37 serve a number of critical reasons. For example, ensuring that a “party does not gain from its own failure to comply” and acting as a “general deterrent impact on the case at hand on further litigation.”
Both justifications are relevant in this case. Additionally, district courts are “not compelled to exhaust available lower punishments” if a heavier penalty is “acceptable on the totality of the circumstances.”
Numerous proponents responded positively to this submission. For instance, Jeremy Hogan, a fellow attorney, remarked in a 25 March tweet,
As a result of Ripple’s steadfast position in the litigation against the SEC, significant investors want more of the native coin, XRP. According to WhaleStats data, XRP’s usefulness to whales grew as it became one of the most often employed smart contracts among the 1,000 largest BSC whales.