A US judge recently approved the investment banker, Matthew Solomon, as the declarant in the SEC vs. Ripple case. This decision comes after the SEC asked the court to allow Solomon to provide information as a declarant in the case as expert testimony.
The SEC filed lawsuit against Ripple Labs Inc, alleging the company illegally offered $1.3 billion in digital asset securities without being registered. The SEC also alleges that Ripple CEO Brad Garlinghouse and co-founder Chris Larsen raised capital through the sale of XRP, and that the company “sought to profit from the distribution.”
Solomon is an independent consultant with over 20 years of experience and expertise in the financial services industry and the digital asset markets. He will provide expert analysis in the case, aimed at furthering the objectives of the SEC’s complaint. The court will also consider Solomon’s provision of documents, reports, records, and other materials related to his investigations of Ripple and its related entities.
The SEC said that allowing Solomon to provide information as a declarant in the case “will be helpful to the court” and “will shorten the duration of the case.”
The court also denied Ripple’s motion to stay the case, citing that Ripple’s request for a stay “lacks merit.” The court noted that Ripple had made “no showing of actual harm or prejudice” from the delay in the proceedings caused by the provision of Solomon’s expert testimony.
With all things considered, the judge granted the motion to have Solomon as the declarant in the case, and the SEC will be furthering its case against Ripple.