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

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Thu, 25/01/2024 - 9:38
Ripple Counters SEC's Claim on XRP Sales in New Court Filing
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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 Ripple's XRP sales.

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In response to the SEC's assertions, Ripple has recently filed a Motion to File a Sur-Reply, aiming to correct what it deems a significant misstatement of fact in the SEC's reply letter. Ripple 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.

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 XRP sales align with the court's summary judgment order.

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Ripple's claims regarding the irrelevance of its financial condition to potential penalties were also recently refuted by the SEC, which cited precedent that considers a defendant's wealth when calculating penalties for deterrence.

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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.

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