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Ripple Receives Permission to File Sur-Reply to Correct ‘Factual Mischaracterization’ by the SEC

Defense attorney and former federal prosecutor, James K. Filan, has disclosed that Judge Sarah Netburn has approved Ripple blockchain’s request for a sur-reply.

In an announcement made on X (formerly Twitter), Filan confirmed that the motion to submit a “sur-reply has been approved.”

This development comes after an earlier endeavor by the cross-border payment solution network to file an additional response to the US Securities and Exchange Commission’s (SEC) motion to compel.

In a formal court submission directed to Judge Netburn, Ripple’s legal representatives stressed the importance of the sur-reply, underlining its role in addressing a significant factual misrepresentation made by the US securities agency in its initial response.

The Ripple team asserted that the sur-reply is crucial for dispelling these misconceptions, ultimately enabling the courts to make decisions based on accurate information.

Furthermore, the defendant’s legal team challenged the SEC’s assertion that Ripple “does not… contend that it would be burdened in producing” post-compliant institutional sales contracts.

The defendant firmly contested this assertion, as they had previously indicated that complying with the agency’s earlier request would be “excessively burdensome.”

Ripple also honed in on another statement by the SEC, in which the agency claimed to have documented and presumably provided all XRP sales contracts from 2020 to June 2023, along with identifying the recipients.

According to the defendant, this assertion is also inaccurate, and their sur-reply aims to demonstrate that the blockchain network has not authorized any sales of XRP contracts during the duration of the legal dispute.

Furthermore, the cross-border decentralized solution pointed out that the SEC had sought records related to “ODL” contracts, even though no sales contracts were issued after December 22, 2020, shortly after the commencement of the lawsuit.

These sales contracts are reported to encompass vendors, consultants, independent contractors, grants, donations, and other distributions, which the court had previously clarified as not constituting sales of investment contracts.

Ripple has urged the courts to disregard the SEC’s “misrepresentation of facts” as the lawsuit progresses.

Three-Year Legal Dance Continues

Launched in 2012, the Ripple blockchain represents a new era of decentralized value transmission systems. Instead of seeking to disrupt the existing fiat-backed financial system, Ripple’s goal is to enhance it by providing lower-cost value transfers and quicker transaction settlements across international borders. This objective has earned the protocol the nickname “cross-border network.”

However, the protocol attracted the attention of the SEC when former chief Jay Clayton initiated legal actions against both the blockchain itself and its founder, Chris Larsen, and CEO, Brad Garlinghouse.

According to the SEC, the blockchain network was allegedly involved in the sale of crypto-backed securities through its XRP asset, which the SEC argued met the criteria of the ‘Howey Test.’

Meanwhile, the defendants have consistently asserted their innocence and have pressed the SEC to clarify its stance on how it categorizes projects related to Bitcoin and Ethereum.

As the legal case continues, the well-known Coinbase exchange is also entangled in a legal dispute with the prominent securities agency over the interpretation of the Howey Test.

In a recent post on X by Coinbase CEO Brian Armstrong, the crypto exchange and the SEC found themselves engaged in a lengthy five-hour debate, each defending their positions.

The SEC had filed a lawsuit against Coinbase, accusing the platform of offering unregistered securities and contending that the defendant was attempting to establish its own version of the Howey Test in an effort to legitimize its actions.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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