Ripple Granted Permission to File Sur-Reply in Legal Battle Against SEC
Defense attorney James K. Filan has announced that Judge Sarah Netburn has granted Ripple’s request to file a sur-reply in response to the US Securities and Exchange Commission’s (SEC) motion to compel. This comes after Ripple attempted to submit an additional reply earlier in the case.
The Importance of the Sur-Reply
Ripple’s legal team argues that the sur-reply is crucial for correcting factual mischaracterizations made by the SEC in its initial reply. They highlight the need for accurate records and challenge false claims made by the SEC, including the burden of producing post-compliant institutional sales contracts and the cataloging of XRP sales contracts.
Continuation of a Three-Year Legal Battle
Ripple, known as a cross-border payment solution network, has been embroiled in a legal battle with the SEC since former boss Jay Clayton initiated lawsuits against the company and its executives. The SEC alleges that Ripple sold crypto-backed securities through its XRP asset. The case is ongoing, and Coinbase is also involved in a legal dispute with the SEC over the definition of securities.
Hot Take: Ripple Fights Back Against SEC Allegations
Ripple’s recent victory in obtaining permission to file a sur-reply demonstrates their determination to challenge the SEC’s allegations. By seeking to correct factual mischaracterizations, Ripple aims to present an accurate picture of their actions and refute claims made by the securities agency. As this legal battle continues, it raises important questions about the classification of cryptocurrencies and their compliance with securities regulations. The outcome of this case could have significant implications for both Ripple and other blockchain projects facing similar challenges from regulatory bodies.
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