There have been updates in the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). Ripple filed a new letter supporting a motion for an indicative ruling.
Ripple Files New Letter to Court
Ripple filed a new letter to Judge Torres explaining the importance of indicative rulings for resolving the case against the SEC. The company provided three reasons for the court to grant the parties' request.
Prospects of Resolving the Legal Dispute
Currently, neither side wishes to overturn or change the previous ruling. The parties only request to modify the relief granted, by dissolving the injunction and adjusting the penalty. Ripple further clarified that compliance with securities laws remains a priority.
Continuing Legal Process
The legal proceedings commenced in 2020 when the SEC accused Ripple of conducting $1.3 billion in unregistered XRP sales. In July 2023, Judge Torres stated that secondary sales of XRP are not securities, marking a victory for Ripple and the crypto industry. However, Ripple was ordered to pay a $125 million fine.
The legal dispute between Ripple and the SEC continues to evolve with new motions from both sides, raising interest in future rulings and their implications for the crypto industry.
