Ripple Seeks Indicative Ruling on Settlement Agreement
Ripple, a key player in enterprise blockchain technology, has submitted an additional letter to support its motion for an indicative ruling regarding a recent settlement agreement. The company asserts that granting approval for this settlement would help align Ripple more equitably with other participants in the cryptocurrency industry.
According to the letter, reaching this settlement would level the playing field for Ripple, especially when compared to competitors like Coinbase and Kraken, whose cases were dismissed much earlier due to the discretion of the Securities and Exchange Commission (SEC).
SEC Ruling and Judge’s Reluctance
Previously, the SEC had agreed to reduce Ripple’s financial penalty to $50 million while also lifting the injunction that restricted its institutional sales in the United States. However, Judge Analisa Torres has indicated a reluctance to alter the final judgment, noting that neither party has presented the extraordinary circumstances needed for such a reconsideration. This stance comes in light of her assertion that there is no substantial justification to modify the ruling.
Following her comments, both Ripple and the SEC filed a renewed motion aimed at reducing the penalty and removing the injunction.
Implications for Ripple’s Future
According to analyses shared by U.Today, many experts view this motion as pivotal for Ripple’s future. The letter emphasizes that a settlement, based on the mutually agreed-upon terms, could bring an end to this contentious and resource-intensive litigation.
As of this past Monday, both Ripple and the SEC requested the Second Circuit to maintain a hold on the appeal. If Judge Torres declines this latest motion, it may necessitate a continuation of the appeals process, potentially stretching the litigation into the next year.
