Ripple v. SEC case update as of January 26, 2024
As the United States Securities and Exchange Commission (SEC) and Ripple are trying to come to an agreement on the damages the blockchain company has to pay for the institutional sales of XRP that Judge Analisa Torres ruled were securities sales, another point of contention has appeared.
Specifically, after the securities regulator filed on January 11 a motion to compel Ripple to produce financial statements for 2022 and 2023, as well as post-complaint institutional sales contracts, the cryptocurrency firm filed a reply and then a request for a sur-reply after the SEC filed its response to Ripple.
In the most recent turn of events, Judge Sarah Netburn has granted Ripple its additional motion, as shared by a defense attorney and former federal prosecutor who is also a popular commentator on the case, James K. Filan, in a comment to his X post announcing the sur-reply request on January 26.
Matter of contention
As a reminder, the SEC and Ripple are currently arguing over the discovery process to reach the final amount of remedies the blockchain company will have to pay for its institutional XRP sales. Notably, Ripple regards the SEC’s motion to compel as untimely and irrelevant, whereas the regulator disagrees.
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Commenting on the motions, legal expert Bill Morgan accused the SEC of misleading the Court, which “is happening far too often,” considering the fact that Ripple’s (now granted) sur-reply letter was seeking to “correct a significant factual mischaracterization” by the SEC’s reply, as Finbold reported.
Indeed, Ripple had noted in its quick sur-reply that its legal team had already argued that producing post-complaint contracts was unnecessary, particularly as it did not produce them earlier in the class action case of Zakinov v. Ripple, either, which the SEC mentioned in its case against Binance.
Meanwhile, the price of XRP at press time stood at $0.514, recording an increase of 0.42% on the day, as the crypto asset moves to offset the 5.87% loss from the previous week and the 17.7% drop on its monthly chart, as per the latest data on January 26.
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