Ripple files new letter supporting a joint motion for an indicative ruling

There has been an update on the legal battle between Ripple and the US Securities and Exchange Commission (SEC). Reports have it that Ripple has filed a new letter in support of a joint motion asking the court for an indicative ruling.

The letter to Judge Torres explains why giving an indicative ruling motion is very important for ending the Ripple vs. SEC case for good. The company provided three reasons why the court should grant the parties’ request.

This comes after both Ripple and the SEC have asked the Second Circuit Court to continue to pause the ongoing appeal process. TThe US court has asked Atkin’s SEC to report on the way forward by August 15, 2025.

Ripple says it does not want to overturn the summary judgment order

As things stand, neither side wants to overturn nor change the summary judgment order. The order will remain binding on the parties and useful to other courts. The parties request only to modify the relief granted in this Ripple vs. SEC case by dissolving the injunction and adjusting the penalty.

Ripple also made it clear that removing the “obey the law” injunction would not change its responsibility to follow securities laws. Like every other business, the company said that it must always comply with legal regulations, whether or not a court order is in place.

The company wrote, “As one of the earliest crypto industry players sued by SEC, Ripple’s litigation has been the longest fought, reaching both a full merits and remedies determination.”

The SEC and Ripple wind down the case

The case, initially filed in 2020, accused Ripple of conducting $1.3 billion in unregistered XRP sales. Judge Analisa Torres said in July 2023 that secondary sales of the XRP coin are not securities. This was a big win for Ripple and the crypto industry as a whole.

However, the judge also said that selling XRP to investors during funding rounds was the same as selling stocks because the tokens were given as compensation for investing in a business. Judge Torres later said Ripple had to pay the SEC a $125 million fine. This happened in August 2024.

Unsatisfied with the case’s outcome, the SEC filed an appeal in October 2024, about one month before the 2024 US presidential election.

In a March 19 X post, Brad Garlinghouse, CEO of Ripple, said that the SEC was dropping the appeal. He also released a video message praising the decision as the official “ending” of the case.

As reported by Cryptopolitan, on June 12, the SEC and Ripple also joined forces to file a motion in a Manhattan district court. Both sides asked the court to release the $125 million civil penalty against Ripple from escrow. Under the proposal, $50 million would go to the SEC, while the remaining $75 million would be returned to Ripple.

Meanwhile, as the case between Ripple and the SEC is going on, the XRP ledger has shown strong signs of growth. This covers both a user and a key stakeholder point of view. Santiment said that over 295K active XRP addresses have been trading in the market every day on average for the past week.

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