2024

James

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 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
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As reported by U.Today, the SEC fired back at Ripple's recent objections, categorically dismissing the blockchain firm's arguments as baseless in a new court filing. The focal point of this legal saga is the SEC's request for audited financial statements and the production of contracts related to&nbsp;<a href="https://u.today/xrp-case-ripple-is-wrong-claims-sec-in-new-filing" rel="noopener noreferrer nofollow">Ripple's XRP</a> sales.
In response to the SEC's assertions, Ripple has recently filed a&nbsp;<a href="https://www.dropbox.com/scl/fi/vm82s9c77q8kdodprluyj/Ripple-Request-to-File-Sur-Reply.pdf?rlkey=fdbl1za8pyzz89blne6edc9ei&amp;dl=0" rel="noopener noreferrer nofollow">Motion to File a Sur-Reply</a>, aiming to correct what it deems a significant misstatement of fact in the SEC's reply letter.&nbsp;<a href="https://u.today/100-million-in-xrp-transferred-to-mystery-address-as-xrp-price-up" rel="noopener noreferrer nofollow">Ripple</a> insists that it had objected to the SEC's request as "overly burdensome" and disputes the SEC's claim that it had cataloged and produced all XRP sales contracts, stating that no contracts post-dating Dec. 22, 2020, were produced in the ongoing class action suit.
<blockquote>
 <a href="https://twitter.com/hashtag/XRPCommunity?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRPCommunity</a> <a href="https://twitter.com/hashtag/SECGov?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SECGov</a> v. <a href="https://twitter.com/hashtag/Ripple?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ripple</a> <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> Ripple has filed a Motion to File a Sur-Reply regarding the SEC's Motion to Compel. The proposed sur-reply is attached.<a href="https://t.co/VhHp5lFO1x" rel="noopener noreferrer nofollow">https://t.co/VhHp5lFO1x</a>— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) <a href="https://twitter.com/FilanLaw/status/1750251688710091008?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 24, 2024</a>
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Addressing Ripple's resistance to disclosing post-complaint institutional sales contracts, the SEC asserted that these documents are crucial for assessing the potential of future violations. The regulatory body argued that a thorough examination of these contracts is essential to determining whether Ripple's planned&nbsp;<a href="https://u.today/crypto-wallet-trezor-issues-major-warning-about-phishing-attack-involving-xrp-and-btc" rel="noopener noreferrer nofollow">XRP</a> sales align with the court's summary judgment order.
<h2 dir="ltr" id="refuse-to-lose">Refuse to lose</h2>
Ripple's claims regarding the irrelevance of its financial condition to potential penalties were also recently refuted by&nbsp;<a href="https://u.today/sec-piles-pressure-on-ripple-with-latest-move" rel="noopener noreferrer nofollow">the SEC</a>, which cited precedent that considers a defendant's wealth when calculating penalties for deterrence.
The SEC remains firm in its position, contending that Ripple's procedural objections lack merit. The regulatory body emphasizes the procedural propriety and high relevance of the discovery requests, asserting its right to obtain targeted information about Ripple's financial condition and post-complaint institutional sales contracts.

Ripple Counters SEC's Claim on XRP Sales in New Court Filing

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