Magistrate Sarah Netburn has issued a scheduling order regarding Ripple’s motion to dismiss one of the SEC’s expert materials supporting its remedies motion.
The ongoing legal battle between the SEC and Ripple continues to receive updates that could potentially impact the outcome.
In the latest development, U.S. District Judge Sarah Netburn has issued a new scheduling order focused on Ripple’s motion to exclude new expert materials submitted by the SEC in support of its remedies-related brief.
Ripple recently filed its opposition to the SEC’s opening remedies brief, seeking to pay only $10 million in damages and asking the judge to reject other requests proposed by the commission.
Along with its opposition brief, Ripple submitted a motion to strike the expert materials that the SEC submitted to further support its entry for final judgment and motion for remedies.
Ripple argued that the SEC failed to provide the expert materials from Andrea Fox, one of the commission’s top accountants, during the discovery phase of the remedies litigation. The SEC submitted the expert materials at the same time it filed its opening remedies brief, limiting Ripple’s ability to effectively address the details of the expert report.
The SEC opposed Ripple’s motion to strike the expert materials, and a new scheduling order was proposed to resolve the issue.
Magistrate Netburn has entered a scheduling order regarding Ripple’s motion to strike. The SEC has until April 29 to respond to Ripple’s motion, and Ripple will file its reply on May 2, 2024.
Ripple’s reply will be submitted four days before the SEC files its reply to the company’s remedies-related opposition brief. The court’s decision on whether to strike Fox’s declaration could significantly impact the final outcome of the remedies stage.
The expert report focuses on Ripple’s audited accounts and penalties for XRP’s institutional sales. Excluding it could negatively impact the SEC’s chances of imposing a fine of nearly $2 billion against Ripple.
In other news, Magistrate Netburn has been nominated as a federal judge in the U.S. District Court for the Southern District of New York (SDNY). This is the same court where she has served as a magistrate in multiple cases, including the Ripple lawsuit. President Joe Biden has nominated her, alongside six other individuals, to take up judicial positions in federal district courts.
Netburn’s nomination has received reactions from the crypto community, with Coinbase’s chief legal officer Paul Grewal praising her for her expertise in the industry.
Netburn’s role in the SEC v. Ripple lawsuit is significant, as she has criticized the SEC for not adhering faithfully to the law. She has also ordered the regulatory commission to surrender the drafts of William Hinman’s 2018 crypto speech to Ripple.
With her nomination, Netburn could oversee prominent cases related to the crypto sector.
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