Enterprise blockchain company Ripple has filed a supplemental letter in support of its motion for an indicative ruling.
Ripple argues that approving the recently negotiated settlement would place the company “on more comparable footing” compared to other industry participants.
“…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,” the letter said.
The SEC previously dismissed cases against such major players as Coinbase and Kraken.
When it comes to Ripple, the SEC agreed to slash the company’s penalty to $50 million while also lifting the injunction targeting institutional sales in the US.
Judge Analisa Torres has recently signaled that she would refrain from modifying the final judgment since the parties did not demonstrate the exceptional circumstances that would be required for such a move.
After the judge opined that there was no compelling reason to modify the judgelment, Ripple and the SEC went on to file the renewed motion for slashing the penalty and dissolving the injunction. As reported by U.Today, some analysts believe that this motion is crucial for the Ripple case.
“Settlement now, on compromised terms both parties agreed to, allows this hard-fought, court-resource-heavy litigation to end now,” the letter said.
On Monday, the SEC and Ripple asked 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.
