- Ripple files supplemental letter to back joint motion with the SEC
- The firm commits to compliance regardless of injunction status
- Joint motion seeks to end XRP lawsuit through reduced penalties
Ripple has submitted a supplemental letter to support its joint motion with the U.S. Securities and Exchange Commission (SEC). The filing seeks an indicative ruling from Judge Analisa Torres to dissolve an earlier injunction. The firm stressed that the motion allows effective closure of the case without changing legal requirements or challenging the previous court decisions.
The crypto firm aims to resolve the XRP lawsuit through an amicable settlement with the SEC. Ripple indicated that it would continue to comply with U.S. securities laws even in the event the injunction is lifted. It also stressed that it will continue operations under full legal compliance like all market participants.
Ripple confirmed that its filing intends to strengthen the procedural status of the revised joint motion. The SEC refiled the motion after Judge Torres denied the initial request over a technical error. This new filing provides further legal arguments to support the court’s indicative ruling.
Ripple Commits to Compliance Despite Injunction Status
The firm noted that removal of the injunction will not remove its obligations under securities regulations. Ripple stated that it accepts full responsibility to comply with all applicable laws in future. It also clarified that the final judgment will be valid and enforceable under the existing court’s Summary Judgment Order.
The firm claimed that the settlement approval would save the judicial resources and reduce litigation burden on the Second Circuit Court of Appeals. The firm believes this approach prevents long legal battles and encourages a quick settlement. The supplemental letter confirms that both sides agree with this result.
In the settlement, Ripple agreed to transfer $50 million from escrow to the SEC. The rest of the funds held for penalties would be returned to the company. This amended penalty is a compromise between the two parties and considers the possible risks of appeal.
Ripple Urges Swift Resolution of the Case
Ripple said that its case is similar to the SEC decisions to dismiss cases linked to other crypto companies. The company noted its attempt to promote regulatory clarity in the digital asset market. The further development of this lawsuit would be inconsistent with recent regulatory changes.
The letter claims that failure to approve the resolution would extend the cost-intensive case. Ripple believes that an indicative ruling will allow both parties to efficiently end the case. This would promote judicial economy and regulatory balance.
Ripple and SEC submitted a joint status report to the appeals court to request an extension. The supplemental motion is expected to be reviewed and ruled by Judge Torres in the next few days. The outcome will decide whether the case can be closed or appealed further.
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