Enterprise blockchain company Ripple has filed a new motion in court regarding its ruling on securities violations.
Ripple's Arguments for Motion
Ripple argues that approving the recently negotiated settlement would place the company 'on more comparable footing' compared to other industry participants. In their letter, they stated: '...the settlement would also place Ripple on more comparable footing with other industry participants whose cases were dismissed much earlier in their lifecycle as a matter of SEC discretion.'
Previous Cases Dismissed by the SEC
The SEC previously dismissed cases against significant players such as Coinbase and Kraken, which has impacted Ripple's position in the lawsuit. For Ripple, the SEC agreed to slash the company's penalty to $50 million while also lifting the injunction targeting institutional sales in the U.S.
Future Prospects of the Case
Judge Analisa Torres recently indicated that she would refrain from modifying the final judgment, as the parties did not demonstrate the exceptional circumstances required for such a move. Following this, Ripple and the SEC filed a renewed motion for slashing the penalty and dissolving the injunction. Analysts believe this motion is crucial for Ripple's case. In the letter, it states: 'Settlement now, on compromised terms both parties agreed to, allows this hard-fought, court-resource-heavy litigation to end now.' On Monday, the SEC and Ripple requested the Second Circuit to keep the appeal on hold. If Judge Torres denies the motion, the appeals would likely move forward, and litigation could extend well into next year.
Ripple maintains an active stance in its litigation with the SEC by filing new motions to achieve a fair ruling. This legal process holds significant implications not only for the company but also for the entire industry.
