Judicial Magistrate Sarah Netburn, who is presiding over the trial between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), issued a new scheduling order on Ripple’s motion to exclude records and materials meant to undertake a remedies-related brief from the latter commission. The case is centering on the brief presentation by SEC about the remedies section where Ripple.
Ripple’s motion to strike the SEC’s expert materials was among the matters raised when the parties submitted their proposal for the new scheduling order, demonstrating their intent to address the issue. In accordance with the order shared by James K. Filan on X (formerly Twitter), Magistrate Netburn has stated that the SEC has to respond to Ripple’s motion no later than April 29, 2024. Afterward, Ripple will present its rebuttal no later than May 2, 2024, which is three business days from the initial deadline set out in the order.
The precision of these filings is of the essence because Ripple’s reply is scheduled for January 26th, four days before the SEC answers the remedies arguments of this case. The answer to be obtained by striking the expert materials, mainly Andrea Fox’s opinion, could profoundly affect the result of the measures phase in the claim.
Ripple case intensifies with expert report debate
Judge Netburn’s scheduling order pinpoints the complex set of events in the cases of both the SEC and Ripple. Ripple contended that the vague introduction to the expert report made it difficult for him to provide analytical answers to the questions in the expert report.
In driving a point related to the massive number of details that comprise Ripple’s financial reports and the liability associated with its digitally sold asset, XRP, the authority of Andrea Fox’s expert report with respect to XRP’s case cannot be questioned. While the court may seriously look at the rule-to-rule basis defense, the fine imposed by the SEC will be downsized, resulting in a slashing of funds.
Furthermore, the publicity campaign that is going in as a result of the nomination of Sarah Netburn as a federal judge in the U.S. District Court for the Southern District of New York (SDNY) lessens the chances for Smith to have elections that are free and impartial. Proceeding on to the consideration of the role of Netburns’ deep technical knowledge of the Ripple lawsuit and predictable appointment as district judge for these issues and other issues involving cryptocurrencies becomes an integral factor for her judgments on this case and the other ones.
Crypto community applauds Netburn’s judicial approach
The appointment of Netburn as a federal judge also received quite a lot of responses from numerous sectors, including the crypto community. In particular, Coinbase’s general counsel, Paul Grewal, made a positive statement and emphasized Netburn’s performance during the XRP lawsuit as “a seminar, an instruction book for the whole industry.”
It was her former criticism of the SEC that had won her the hearts of the XRP community, mainly because she had specifically questioned the Securities and Exchange Commission about their enforcement of the legal concepts. One of Liz’s most prominent points here is her directive for the laws about the disclosure of drafts of William Hinman on a remarkable speech inclined to cryptocurrencies in 2018 for Ripple. That shows her promise to ensure transparency and fairness.
Rather than as the chief counsel who worked in the crypto space, Netburn’s next step is likely to be as a federal judge with the solar gazing for a leading position in significant cases that have to do with regulatory clarity and market progress in the future.
