Legal Expert Says the SEC is Misleading Court in Ripple Case

Following the Securities and Exchange Commission (SEC), the United States motion to compel Ripple to produce financial statements for 2022-2023 and post-complaint institutional sales contracts. 

In an X post, a legal specialist, Bill Morgan, accused the SEC of misleading the court, which is happening far too often. He is among some keen onlookers of the Ripple vs SEC case; his statements are based on the frequency of the SEC’s alleged misleading actions.  

Ripple’s legal department answered the SEC’s motion for a sur-reply intending to correct what the SEC deems a significant factual mischaracterization in its most recent reply.      

The primary motive of the sur-reply will be to provide clarity on the disputed issues and enable the court to make fair decisions based on accurate data and records. The firm asserts the production argument in the Zakinov v. Ripple Labs class action case. 

Crypto Market & XRP Price Update  

In the past 24 hours, Akash Network’s (AKT) price surged by 8.20%, taking it to the top of the daily gainer list, and OKB prices also showed a growth of 7.72%. On the other hand, some popular coins/tokens of the market are Sui price slips at 4.54%, Manta Network at 3.67%, Maker token at 3.03%, and others on the list. 

According to CoinMarketCap, the trading volume of the entire DeFi token market declined by 12.22% in the past 24 hours, followed by the NFT market declining by 6.15% and the Memecoin market slipping by 6.15%. However, the market capitalization of the entire crypto market showed a minute surge of 0.20%. 

The pioneer of the crypto market, Bitcoin, is constantly approaching $41k; however, at the time of writing, it was trading at $40,244 with an intraday growth of 0.39%. In the weekly time frame, the BTC price has shown a declining momentum of 2.74%.  

Before the Bitcoin spot ETF approval, the entire market, excluding a few, was flourishing, but post-approval, prices of Bitcoin have been struggling below $41k in the past 3-4 days. 

The XRP token price has shown a decline of 6.49% in the past seven days; however, in the yearly time frame, it remains profitable at 24.60%. XRP is a majorly used coin/token by Ripple Labs to ensure quick liquidity. 

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.