Ripple on Tuesday sent a letter to Judge Torres in an effort to explain that granting an indicative ruling motion is crucial for a complete resolution of the Ripple vs SEC case. The company provided three reasons why the court should grant the parties’ request.
Lawyer James K Filan, in an X post on June 17, revealed that Ripple filed a supplemental letter to Judge Analisa Torres in support of the joint motion for indicative ruling. The company highlighted additional explanations that could present the parties’ viewpoint on the need to lift the injunction from the final judgment.
Firstly, the parties do not seek to vacate, amend, or modify the summary judgment order. The order will remain binding on the parties and useful to other courts. The parties request only to modify the relief granted in this Ripple vs SEC case by dissolving the injunction and adjusting the penalty.
The parties’ proposed resolution will preserve the resources of the 2nd Circuit by avoiding the need to decide appeals, obviate any demand for further proceedings in this court, and bring the long-running XRP lawsuit to an end.
Lastly, Ripple explained that the settlement would put the company on fair and comparable ground with other industry participants whose cases were also dismissed. The move comes as the SEC works to regulate digital assets, providing clarity to the industry.
On June 12, Ripple and the SEC renewed their indicative ruling to dissolve the injunction in the Final Judgment and release $50 million from the $125,035,150 civil penalty held in the escrow account to the SEC and the remaining amount to the company.
As reported earlier by The Crypto Times, the U.S. Securities and Exchange Commission (SEC) filed a status report requesting the appeals court to hold the appeals in the Ripple vs SEC case. This is in light of this pending indicative ruling request before Judge Torres.
