SEC Wants to Listen to Other Witnesses in Ripple Case


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The SEC is seeking court’s permission to make additional testimony in the Ripple case.

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The U.S. Securities and Exchange Commission (SEC) wants to hear five more witnesses, including Judge Sarah Netburn’s former Ripple CFO Ron Will and former Xpring senior vice president Ethan Beard. A company representative will also be assigned to fill the gaps in his expressions.

The SEC argues that due to the evidence developed during the discovery and the “full scale” of Ripple’s “illegal” XRP offering, it must increase the number of statements. As of now, ten current and former Ripple employees are ready to testify on a variety of issues.

Highlights from Ripple’s Last Trial with the SEC

The SEC is also trying to force Ripple to produce documents regarding its lobbying efforts. In June 2020, Chris Giancarlo, former chairman of the Commodity Futures Trading Commission, made it public that XRP is not an unregistered security. However, the SEC points out that Ripple is on the payroll:

“Ripple is relying on statements that it is paying this official to support its position in the lawsuit… Since Ripple puts forward the supposed lack of fair reporting based on the beliefs of market participants, the SEC has the right to investigate whether there is alleged confusion.”

In addition, the SEC wants to obtain documents from five additional people so that the institution can obtain all relevant internal and external documents.