The ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC) took another turn as both parties wrangled over the damages to be paid by the blockchain company for the sale of XRP, deemed securities by Judge Analisa Torres.
SEC’s Motion and Ripple’s Response
The SEC, on January 11, filed a motion requesting Ripple to provide financial statements for 2022 and 2023, as well as post-complaint institutional sales contracts. In response, Ripple filed a reply to the motion and later submitted a request for a sur-reply once the SEC responded.
Ripple’s Sur-Reply Granted
Judge Sarah Netburn has recently granted Ripple’s request for a sur-reply, according to James K. Filan, a defense attorney and former prosecutor, who shared the development. This latest decision adds to the ongoing contentions between Ripple and the SEC.
Ripple considers the SEC’s motion to compel as both untimely and irrelevant. On the other hand, the securities regulator disagrees with this assessment.
Allegations of Misleading Tactics
Legal expert Bill Morgan has accused the SEC of misleading the Court, which he claims is happening frequently. Ripple’s sur-reply aimed to address a mischaracterization in the SEC’s reply, according to Finbold’s report.
Ripple argued in their sur-reply that producing post-complaint contracts was unnecessary, highlighting the fact that they did not produce them earlier in the class action case of Zakinov v. Ripple. This case was mentioned by the SEC in its lawsuit against Binance.
At the time of writing, XRP was trading at $0.514, indicating a 0.42% increase for the day. The cryptocurrency was attempting to recover from a 5.87% loss the previous week and a 17.7% decline on the monthly chart, based on the latest data as of January 26.