In a recent development, Ripple submitted a supplemental letter in support of its joint motion to the SEC. This comes after debate among legal experts about why the argument of the initial motion might not be sufficient for Judge Analisa Torres to issue a declaratory judgment in the XRP lawsuit.
Defense attorney James Filan revealed that the cryptocurrency firm submitted a supplemental letter in support of the motion for declaratory judgment. In the letter, the firm stated that it fully joins the joint motion and presents the letter to support it.
The SEC once again filed the joint motion for a declaratory judgment in the XRP lawsuit last week after Judge Torres denied the previous motion due to procedural error.
In this supplemental letter, Ripple argued that the possible decision by Judge Torres to overturn the injunction against the cryptocurrency company will not exempt it from its obligations under securities law. The company stated that, like any other market participant, it would still be required to comply with the law, regardless of whether or not the injunction was issued.
Secondly, the cryptocurrency company argued that the exemption from a declaratory judgment, including the reduction of the penalty, considers the risk of appeal. Ripple noted that ending the lengthy XRP lawsuit over the settlement agreement allows this contentious litigation, which has involved many judicial resources, to conclude now.
Finally, Ripple argued that a declaratory judgment places the cryptocurrency company on the same pedestal as other cryptocurrency companies whose cases the SEC has dismissed at its discretion.
Essentially, the cryptocurrency company considers the continuation of the lengthy lawsuit against XRP to be unfair, considering that the Commission seeks to adopt a more favorable regulatory environment for the cryptocurrency industry. Ripple also highlighted the effort it has made to achieve regulatory clarity for the industry.
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