In the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), a legal expert accuses the SEC of misleading the court.
The SEC is requesting Ripple’s financial statements and sales contracts, but there are concerns about the transparency and accuracy of the information that the regulator showed.
Ripple’s legal team is actively challenging what they believe is a factual error made by the SEC. Legal analyst Bill Morgan, who is closely following the Ripple case, has expressed concerns about the SEC’s actions, accusing the regulator of providing misleading information to the court.
The SEC’s request for Ripple‘s financial documents has been met with skepticism, with claims that the US SEC has a history of presenting information in ways that may not accurately reflect the facts.
In response to the allegations and to what they believe is a factual error by the SEC, Ripple’s legal team has responded with a letter.
This legal maneuver is intended to draw the US court’s attention to the alleged error and ensure a fair and accurate representation of the facts.
The defense contends that disclosing post-complaint contracts that the SEC requested presents challenges and emphasizes their position based on previous cases, including Zakinov v. Ripple Labs.
As the legal battle continues, the native crypto of the Ripple network, XRP, has a price of over $0.5. While XRP suffered minor losses on the day, it has faced challenges over the last week and month.
The legal uncertainties surrounding Ripple, as well as the SEC’s actions, may be influencing market sentiment toward XRP.
