Court Grants Ripple’s Motion to File Sur-Reply
Former federal prosecutor James Filan recently revealed that Judge Sarah Netburn has granted a motion that Ripple recently filed with the court in its case against the SEC. This could be a turning point for Ripple as it requested permission to file a Sur-reply to the SEC’s latest motion. This means that Ripple can now submit an additional reply to the SEC’s motion after the Commission initially filed a motion to compel Ripple to produce certain documents. Ripple then responded, arguing against the motion.
Ripple’s Request Granted by the Court
The SEC had the opportunity to reply to Ripple’s response, and at that point, the SEC’s motion was considered fully briefed, awaiting the judge’s ruling. However, Ripple felt it necessary to file an additional reply, leading to its motion for permission to file a Sur-reply. The decision to grant this request is at the court’s discretion, and in this case, Judge Netburn approved it even though the SEC did not object. In its motion, Ripple stated that the sur-reply letter aimed to correct factual mischaracterizations made by the Commission.
Content of Ripple’s Sur-reply Letter
Ripple submitted the sur-reply letter alongside its request for permission. In this letter, Ripple’s lawyers sought to address inaccuracies mentioned by the SEC in its reply letter. The Commission claimed that producing post-complaint Institutional Sales contracts would not burden Ripple, which Ripple disagreed with and objected to. Additionally, Ripple clarified that it did not produce or catalog any contracts after December 22, 2020, contrary to the Commission’s allegations in connection with an ongoing class action suit.
Ripple also accused the SEC of requesting contracts beyond those related to ODL transactions, which were ruled as not investment contracts by Judge Analisa Torres. Ripple requested the court to disregard these factual misstatements made by the SEC.
Hot Take: Ripple Given Opportunity to Respond
The recent decision by Judge Sarah Netburn to grant Ripple’s motion to file a Sur-reply is significant in the ongoing legal battle between Ripple and the SEC. This allows Ripple to address factual mischaracterizations made by the SEC, ensuring that its position is accurately represented in court. By granting this motion, Judge Netburn has given Ripple a fair opportunity to respond and defend its case against the SEC’s allegations. This development could potentially impact the outcome of the lawsuit and shape future regulations in the crypto industry.
By
By
By
By