Enterprise blockchain firm Ripple has submitted a supplemental letter supporting its motion for an indicative ruling on a recently negotiated settlement with the SEC.
Ripple maintains that approving this settlement would place the company on a level playing field with other industry participants whose cases were dismissed earlier by the SEC.
The letter states, “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.” Notably, the SEC previously dismissed cases against major players like Coinbase and Kraken.
Under the proposed settlement, Ripple’s penalty would be reduced to $50 million, and the injunction preventing institutional sales in the U.S. would be lifted.
Judge Analisa Torres recently indicated reluctance to modify the final judgment, citing a lack of exceptional circumstances required for such a change.
Following the judge’s comments, Ripple and the SEC refiled the motion to reduce the penalty and dissolve the injunction, a step seen as critical by analysts.
In their letter, Ripple emphasized that “Settlement now, on compromised terms both parties agreed to, allows this hard-fought, court-resource-heavy litigation to end now.” On Monday, both parties requested the Second Circuit to pause the appeal.
If Judge Torres rejects the motion, the appeal is expected to proceed, potentially extending litigation into next year.