After the Amicus Curiae brawl, the SEC vs. Ripple case is now moving in a new direction. The SEC’s latest move was to file an omnibus petition to exclude or limit expert testimony. According to court documents, the Ripple team conditionally accepted the motion.
The SEC, a regulatory oversight body, filed this allegation on July 6, as acclaimed attorney James K. Filan reported in a thread. The SEC will file a motion to exclude or limit the testimony of the 10 experts held by Ripple Labs. This may also include independent professionals such as Christian A. Larsen and Bradley Garlinghouse.
#XRPCommunity #SECGov v. # Ripple #XRP The SEC is seeking permission to file one omnibus (large) claim to exclude or limit expert testimony of up to 120 pages. Ripple will not object to the opposite answer as long as the same page restrictions are allowed. pic.twitter.com/haa4Mr7XU1
— James K. Filan ???? 104k + (Beware of scammers) (@ FilanLaw) July 6, 2022
Cited as an attempt to save “judicial and SEC resources,” Ripple conditionally accepted the motion. This condition allows you to set similar page limits in response to motion. Since then, it has been approved by the SEC and is now approved by Judge Torres.
The proposed 120-page limit is less than the 15-page limit proposed by each expert. The SEC believes that this limitation is sufficient for the SEC to provide the facts and further support their position in the case.
The SEC v Ripple court battle drama embarks on a new turn with this move. Let’s take a look at the meaning of XRP tokens.
Tumbling in “Mini Crypto Relief”
The crypto market has been reviving for the past few days after Bitcoin surpassed $ 22,500. This feat has since raised the sentiment of traders with the rise of most major cryptos. The same is not true because XRP struggles to keep pace with its competitors. XRP was trading at $ 0.34 after losing 2.8% in one day. This happens after the trading volume has dropped by 12% in the last 24 hours. However, Token has shown a 10% bullish resurgence in the past week, hiding the blush of past days.
MVRV (30d) also triggers a similar theme on charts. The index value rose sharply on July 6th and has since been stable at around 5.25% in that zone. This should come as positive news for XRP investors whose parent company is involved in an eternal court battle with US regulatory agencies.