Ripple Labs has made a new filing to the court, aiming to expedite the closure of the long-standing lawsuit with the U.S. Securities and Exchange Commission (SEC).
Ripple's Statement on Compliance
In its latest letter, Ripple clarifies that it is not seeking to overturn or amend any previous court rulings, including the Summary Judgment Order issued in July 2023. This ruling found that institutional sales of XRP violated securities laws, while programmatic sales on exchanges did not.
Ripple's Call for Practical Resolution
The company urges the court to consider the broader benefits of approving the settlement, claiming it would significantly lessen the burden on Judge Torres' docket and the Second Circuit while not disturbing the substance of previous court rulings. Ripple emphasizes that settling aligns with the SEC's evolving approach to digital asset regulation.
Potential Consequences for the Crypto Market
Attention now turns to Judge Torres, whose forthcoming decision will determine whether the settlement can proceed. A favorable ruling could bring closure to one of the most high-profile legal battles in crypto history and set a precedent for how similar cases might be resolved in the future.
Ripple's latest filing highlights its commitment to compliance and desire for finality. This may also aid in fostering a more consistent regulatory environment for the broader crypto industry.
