#CryptoStocks#PowellRemarks #MyTradingStyle $XRP
Ripple urges Judge Torres to approve its joint proposal with the Securities and Exchange Commission, ensuring a reduction in penalties, maintaining previous rulings, and expediting the long-awaited resolution that could redefine the regulatory landscape for XRP.
Ripple and SEC urge Judge Torres to acknowledge the settlement and end the XRP case.
On June 17, Ripple's legal team filed a formal petition to Judge Analisa Torres of the Southern District of New York to accept a joint request with the U.S. Securities and Exchange Commission (SEC), indicating the possibility of reaching a resolution in its long-standing dispute with the regulatory agency regarding the sale of XRP. The letter, submitted by Ripple Labs, expressed its full support for the joint request and provided additional clarification regarding the implications of the settlement. It emphasized the following:
Neither the U.S. Securities and Exchange Commission nor Ripple has requested the court to review the summary judgment order that was issued.
The file confirmed that the previous ruling remains binding and persuasive for other courts, regardless of any settlement agreement.
The submitted request clarified that Ripple would not be exempt from its obligations under the Securities Act even if the court order were overturned, as it would remain subject to the same regulations that apply to all other market participants. The proposed exemption in the joint request includes a reduction in financial penalties, alleviating the risks of appeal, representing a compromise that both parties believe will end this protracted litigation. Ripple confirmed that the settlement would resolve outstanding issues regarding XRP without affecting the substantive rulings of the court, preserving judicial resources while continuing to hold Ripple accountable.
The company also drew attention to significant regulatory changes underway at the U.S. Securities and Exchange Commission. As stated in the file:
The U.S. Securities and Exchange Commission is reconsidering its regulatory approach to digital assets. A task force focused on cryptocurrencies has been formed to establish appropriate standards. Ripple supports this approach, has participated in relevant meetings, and provided its feedback.
Ripple confirmed that its case has been uniquely prolonged, involving comprehensive decisions regarding substantive grounds and remedies. The company pointed to the evolving stance of the U.S. Securities and Exchange Commission: "Given the SEC's recent commitment to 'clear rules of the road,' Ripple urges the court to acknowledge the settlement to alleviate the burdens on cases and maintain consistency with previous rulings." The company stated that this outcome would relieve pressure on both district and appellate courts and place Ripple on equal footing with its peers who resolved similar cases early in the enforcement cycle.
The U.S. Securities and Exchange Commission (SEC) and Ripple submitted a joint request to Judge Torres on June 12, renewing their request to lift the injunction against Ripple and modify the civil penalty of $125 million. Judge Torres had previously denied a joint request submitted in May for procedural reasons. Meanwhile, the two companies asked the U.S. Second Circuit Court of Appeals to suspend their ongoing appeals while the district court considers the updated joint proposal.
