Ripple Flags SEC’s Misstatements and Mischaracterization, Information Sur-Reply

• Ripple information a Sur-Reply letter citing the SEC’s misstatements and mischaracterization.
• The letter got here in response to the current developments within the SEC’s Movement to Compel.
• Whereas Invoice Morgan cites that the SEC typically misleads the court docket, “WrathofKahneman” requests the court docket to ignore the misstatements.

In a novel flip within the SEC-Ripple authorized tussle, Ripple submitted a movement to file a Sur-Reply in reference to the SEC’s Movement to Compel. Whereas the letter highlighted the “vital factual mischaracterization” within the regulators’ reply letter, the outstanding XRP lawyer, Invoice Morgan, slammed the SEC for his or her frequent “deceptive” statements.

On January 11, the SEC filed a Movement to Compel, demanding Ripple to provide sure paperwork, together with the monetary statements for FY 2022-23 and post-complaint contracts governing institutional gross sales. Nevertheless, the corporate opposed the movement, citing it as an “premature” request. Mentioning that the SEC’s request violates the regulation, Ripple requested the court docket to dismiss the submitting.

On January 23, the regulators filed a reply letter to Ripple’s movement, reinforcing their claims and necessities. As per Ripple’s assertion, the SEC, within the letter, claimed that the platform “does …not argue that it could be burdened in producing” post-complaint contracts. As well as, the regulators claimed that Ripple produced XRP’s gross sales contracts from 2020 to June 2023 within the class motion swimsuit.

Ripple dismissed the fee’s claims as a “vital misstatement of reality.” Within the Sur-Reply letter, Ripple argued that that they had objected to the SEC’s request for doc submission as “overly burdensome.” The platform argued in opposition to the second declare, stating,

Ripple didn’t produce any contracts post-dating December 22, 2020 inZakinov.Nor did Ripple “catalogue” these contracts in reference to the category motion litigation.

Whereas XRP advocate James Okay. Filan shared an X submit about Ripple’s Sur-Reply letter, Invoice Morgan criticized the regulators, remarking, “The SEC deceptive the Courtroom is occurring far too typically.” In the meantime, “WrathofKahneman”, a outstanding blockchain voice on X, argued that the court docket ought to disregard the SEC’s misstatements about Ripple.

The lengthy authorized saga is centered on the SEC-Ripple lawsuit, by which the regulators charged the platform for allegedly providing unregistered securities. Whereas the authorized battle continues, it stands as a major obstacle to the conclusion of an XRP ETF.