Cryptocurrency company Ripple has made a new move in its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).
The Company and the SEC filed a supplemental brief with the Court in support of their joint letter entitled “request for preliminary ruling,” arguing for a final resolution of the case and preserving court resources.
“This letter supports the parties’ search for a settlement and supplements the previously submitted joint letter with some additional clarifications,” reads the letter written by Ripple to Judge Analisa Torres.
Ripple made it clear that they were not asking the court to change the previously issued Summary Judgment. It said that this decision was binding on the parties and set a precedent for other cases. “Even if the court lifts the injunction, we still have an obligation as a company to comply with the securities laws,” Ripple said.
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The letter also noted that the terms of the settlement, which included a lower penalty agreed upon by the parties, were shaped by taking into account the risks associated with the appeals process. Ripple stated that this agreement would allow for the conclusion of the “resource-intensive” process.
Ripple welcomed this development, recalling that the SEC reviewed its regulatory approach to digital assets and dropped other cases. It was also reminded that the SEC aimed to develop industry-specific standards by establishing a “Crypto Task Force”.
“As one of the oldest companies in the industry to be sued by the SEC, we are one of the few companies to have been through this entire process. Now that the agreement reached between the parties has been accepted by the court, it is not only fair, it also reduces the burden on the courts,” Ripple said.
Ripple reiterated that the agreement will not change the court’s previous ruling and will not relieve the company of its responsibilities, and asked the court to take this settlement into consideration.
*This is not investment advice.