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Highlights
- Ripple stated in the letter that it has joined the joint motion with the SEC "in full."
- The crypto firm looks to buttress the earlier arguments made in the joint motion for an indicative ruling.
- Ripple outlined three arguments including the fact that the settlement agreement considers appellate risk.
- An indicative ruling is at the court's discretion and can only be granted in exceptional circumstances.
In the latest development, Ripple has filed a supplementary letter in support of its joint motion with the SEC. This comes following debate among legal experts as to why the argument in the initial motion might not be enough for Judge Analisa Torres to grant an indicative ruling in the XRP lawsuit.
Ripple Looks To Buttress Joint Motion In XRP Lawsuit
In an X post, Defense Lawyer James Filan revealed that the crypto firm has filed a supplemental letter in support of the motion for an indicative ruling. In the letter, the firm stated that it joins the joint motion in full and submits the letter to support the joint motion for an indicative ruling.
As CoinGape reported earlier, the SEC had refiled the joint motion for an indicative ruling in the XRP lawsuit last week after Judge Torres had denied the earlier motion on the grounds of a procedural error.
In this supplemental letter, Ripple argued that Judge Torres’s potential decision to dissolve the injunction against the crypto firm won’t absolve it of its obligations under securities laws. The firm stated that, like every other market participant, it would still have to follow the law irrespective of the injunction or not.
Secondly, the crypto firm argued that the relief for an indicative ruling, including the reduced penalty, considers appellate risk. Ripple remarked that ending the long-running XRP lawsuit on the settlement agreement allows this “hard-fought, court-resource-heavy litigation to end now.”
Lastly, Ripple argued that an indicative ruling puts the crypto firm on the same pedestal as other crypto firms whose cases the SEC has dismissed at its discretion.
Basically, the crypto firm believes a continuation of the long-running XRP lawsuit is unfair, considering how the Commission is seeking to adopt a more regulatory-friendly environment for the crypto industry. Ripple also highlighted the effort it has put into gaining regulatory clarity for the industry.
As CoinGape reported, both Ripple and the SEC just filed a status report, asking the Appeal court for an extension. Judge Torres is expected to give her ruling on the joint motion in the coming days.
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