Ripple has filed with the court to support the joint motion with the SEC in the XRP lawsuit to obtain an advisory ruling from Judge Torres.
In the latest development, Ripple has submitted a supplemental letter to support its joint motion with the SEC. This comes after a debate among legal experts about why the arguments in the initial motion might not be sufficient for Judge Analisa Torres to issue an advisory ruling in the XRP lawsuit.
Ripple seeks to reinforce the joint motion in the XRP lawsuit
In a post on X, defense attorney James Filan revealed that the cryptocurrency company submitted a supplemental letter to support the motion for an advisory ruling. In the letter, the company states that they are fully participating in the joint motion and submitted the letter to support the joint motion for an advisory ruling.
As previously reported by CoinGape, the SEC refiled the joint motion for an advisory ruling in the XRP lawsuit last week after Judge Torres dismissed the previous filing due to procedural errors.
In this supplemental letter, Ripple argues that Judge Torres' potential decision to lift the injunction against the cryptocurrency company will not free the company from obligations under securities law. The company claims that, like any other market participant, it still must comply with the law regardless of the injunction.
On Monday, the cryptocurrency company argued that the relief for the advisory ruling, including reduced penalties, considers the risks of appeal. Ripple noted that ending the prolonged XRP lawsuit over the settlement agreement allows "this costly litigation, which consumes many court resources, to end right now."
Ultimately, Ripple argues that this advisory ruling will place this cryptocurrency company on par with other cryptocurrency firms that the SEC has arbitrarily dismissed lawsuits against.
Basically, the cryptocurrency company believes that continuing the prolonged XRP lawsuit is unfair, considering how the Commission is seeking to apply a more regulatory-friendly environment for the cryptocurrency industry. Ripple also emphasizes the effort they have put in to achieve regulatory clarity for the industry.
As CoinGape reported, both Ripple and the SEC have just submitted status reports, requesting the Court of Appeals for an extension. Judge Torres is expected to rule on the joint motion in the coming days.
