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Ripple urges Judge Torres to approve its joint SEC motion, securing reduced penalties, preserving prior rulings, and accelerating long-awaited resolution that could redefine XRP’s regulatory landscape.
Ripple’s legal team formally petitioned Judge Analisa Torres of the Southern District of New York on June 17 to accept a joint motion with the U.S. Securities and Exchange Commission (SEC) indicating a potential resolution in its prolonged dispute with the regulator over the sale of XRP. The letter, filed by Ripple Labs Inc., conveyed full support for the joint motion and offered further explanation regarding the settlement’s implications. It stressed:
Neither the SEC nor Ripple is asking the Court to revise its Summary Judgment Order.
The filing underscored that the prior judgment remains binding and persuasive for other courts, regardless of any settlement agreement.
The filing clarified that Ripple would not be released from its securities law obligations even if the injunction were dissolved, as it remains subject to the same regulations as all other market participants. The proposed relief in the joint motion includes reduced financial penalties and mitigates appellate risks, representing a compromise that both parties believe will bring the extensive litigation to a close. Ripple asserted that the settlement would resolve outstanding matters over XRP without altering the court’s substantive rulings, thereby conserving judicial resources while still holding Ripple accountable.
The company also drew attention to significant regulatory changes underway at the SEC. As stated in the filing:
The SEC is reconsidering its regulatory approach to digital assets. A crypto task force has been created to set purpose-fit standards. Ripple supports this, has participated in related meetings, and submitted feedback.
Ripple emphasized that its case has been uniquely protracted, involving comprehensive merits and remedies determinations. The company referenced the SEC’s evolving stance: “Given the SEC’s recent commitment to ‘clear rules of the road,’ Ripple urges the Court to acknowledge the settlement to ease burdens across dockets and maintain consistency with prior resolutions.” The company maintained that such an outcome would relieve pressure on both the district and appellate courts while placing Ripple on equal footing with peers who resolved similar matters earlier in the enforcement cycle.
The SEC and Ripple filed a joint motion with Judge Torres on June 12, renewing their request to lift an injunction against Ripple and modify the $125 million civil penalty. An earlier joint motion filed in May was denied by Judge Torres due to procedural issues. Concurrently, the two have also asked the U.S. Court of Appeals for the Second Circuit to pause their ongoing appeals while the district court considers the updated joint proposal.
