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- The court, led by Judge Torres, has scheduled the remedies briefing and discovery phase in the ongoing Ripple vs. SEC lawsuit, marking a significant step forward in the case.
- Ripple has been permitted to file a Sur-Reply in response to the SEC’s Motion to Compel, aiming to address and correct alleged mischaracterizations by the SEC.
The ongoing legal battle between Ripple Labs and the SEC has reached a pivotal stage, as reported in CNF’s previous coverage. Judge Torres has set critical dates for the remedies briefing and discovery phase in the Ripple vs. SEC lawsuit, marking a key progression in this closely watched case.
Recent SEC filings, dated January 23, 2023, reveal a new twist in this saga. Following Ripple’s opposition to the SEC’s Motion to Compel on January 19, the court has now allowed Ripple to file a Sur-Reply. This additional legal response enables Ripple to present more detailed arguments, aiming to persuade the court to deny the SEC’s Motion to Compel.
Defense attorney James Filan underscored this development, announcing via a tweet the granting of the Sur-Reply in the ongoing SEC vs. Ripple case.
Motion to file Sur-reply has been granted.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) January 26, 2024
In their Motion to file a Sur-Reply, Ripple’s strategy is not just to respond, but to correct what they perceive as misrepresentations by the SEC. This move echoes Ripple’s previous legal success, when they challenged the SEC’s claim that XRP was a security.
Ripple’s Sur-reply letter, filed within the motion, states,
The SEC claims that Ripple does not argue that it would be burdened by producing post-complaint contracts. […] That is false: Ripple specifically objected to the SEC’s request as overly burdensome.
This quote directly challenges the SEC’s portrayal of Ripple’s stance on document production. Moreover, the sur-reply letter further contends,
The SEC then doubles down on its misstatement, asserting Ripple recently cataloged and presumably produced, in the ongoing class action suit, all of Ripple’s XRP sales contracts from 2020 to June 2023, including determining the identity of counterparties to those contracts. […] That is also false.
Here, Ripple firmly refutes the SEC’s allegations regarding its contract disclosures.
In the financial markets, XRP’s value reflects this unfolding legal drama. The cryptocurrency is currently trading at $0.5138, showing a modest increase of 0.54% in the past day, despite a 6.68% decline over the previous week. See the price chart below.
In my view, Ripple’s ongoing legal case with the SEC is under close scrutiny by the crypto community, due to its potential to substantially impact XRP’s value and future trajectory.
