Enterprise Blockchain Company Ripple Seeks Indicative Ruling Support
Ripple, a prominent enterprise blockchain company, has recently filed a supplemental letter in support of its motion for an indicative ruling. The company argues that approving the negotiated settlement would place them in a more favorable position compared to other industry participants.
Ripple’s Argument for Settlement Approval
According to Ripple, approving the settlement would bring them on par with other industry players whose cases were dismissed earlier by the SEC. Notable companies like Coinbase and Kraken had their cases dismissed, and Ripple believes that the approved settlement would level the playing field.
SEC’s Decision on Ripple’s Penalty
The SEC agreed to reduce Ripple’s penalty to $50 million and lifted the injunction that restricted institutional sales in the US. This decision was seen as a positive development for Ripple in its ongoing legal battle.
Judge’s Stance on Final Judgment Modification
Judge Analisa Torres indicated that she would not modify the final judgment unless exceptional circumstances were demonstrated by the parties involved. Despite this stance, Ripple and the SEC proceeded to file a motion for reducing the penalty and dissolving the injunction.
Importance of the Renewed Motion
Analysts believe that the renewed motion is crucial for the Ripple case as it could potentially lead to a quicker resolution of the legal dispute. Both parties have agreed to compromised terms in the settlement, aiming to bring an end to the lengthy litigation process.
Appeal Status
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 progress, potentially extending the litigation into the next year.