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Legal expert accuses SEC of misleading the Court in Ripple case

Legal expert accuses SEC of misleading the Court in Ripple case

Not long after the United States Securities and Exchange Commission (SEC) added more context to its motion to compel Ripple to produce financial statements for 2022 – 2023 and post-complaint institutional sales contracts, a legal expert accused the agency of misleading the court – again.

Specifically, the lawyer and popular commenter on the years-long Ripple v. SEC case, Bill Morgan, said that the “SEC misleading the Court is happening far too often,” as he explained while quoting XRP influencer WrathofKahneman, who commented on the latest motion by the blockchain company, in an X post on January 25.

Setting the record straight

Indeed, WrathofKahhneman was referring to Ripple’s motion to file a sur-reply to the SEC’s motion to compel it for the above information, as shared by defense attorney and former federal prosecutor James K. Filan, in which the platform’s legal team argued that:

“Ripple’s proposed sur-reply letter seeks to correct a significant factual mischaracterization made by the SEC for the first time in its reply. The Court would benefit from the sur-reply letter because it will clarify the issues in dispute and allow the Court to rule on an accurate record.”

According to the cryptocurrency influencer’s comments, Ripple has noted in its quick sur-reply that they have already argued that producing post-complaint contracts was burdensome, and they did not produce them earlier in the class action case of Zakinov v. Ripple Labs, either.

Notably, the regulator mentioned the Zakinov case, among several other court cases, as relevant for a summary judgment in its lawsuit against crypto trading platform Binance. The other cases include Owen v. Elastos Foundation, Patterson v. Jump Trading LLC, and Houghton v. Leshner.

Meanwhile, the XRP token, which has been at the center of the long-running legal standoff, was at press time trading at the price of $0.511, down 0.74% on the day, adding up to the loss of 9.63% across the previous week and an 18.04% drop in the past month.

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