Ripple Labs Inc. has submitted a new supplemental letter in the Southern District of New York as part of its ongoing legal battle with the U.S. Securities and Exchange Commission. The letter, supporting a joint motion for an indicative ruling, was released to the XRP community and reviewed by legal analyst Fred Rispoli.
According to Rispoli, the two-page filing, though not the strongest in tone, was necessary to close gaps left in previous submissions. He noted that Ripple used this latest move to address three legal and procedural issues that had not been fully explained earlier in the case.
One of the most significant aspects of the filing was Ripple’s formal acknowledgment that the district court’s ruling was not the final decision. As Rispoli pointed out, this recognition mattered, as they indicated Ripple’s awareness of possible appellate objections.
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In discussing this, Ripple indicated that it was ready to undergo additional legal consideration and the possibility of continuing to endorse a negotiated settlement.
The next significant issue mentioned in the filing was the suggested dissolution of the injunction against obeying the law. Ripple claimed that the elimination of this order would not impact its legal duties, as it would still have to follow the laws of securities.
Rispoli pointed out that this explanation was essential to demonstrate to the court that Ripple would comply even if the injunction were dropped.
Ripple Cites Unequal SEC Treatment to Justify Its Legal Position
Ripple also used the filing to underline its unique position in the SEC’s broader crackdown on crypto firms. The company explained that it was targeted earlier than others, which led to a longer and more resource-heavy legal battle. It also referenced recent shifts within the SEC, including the formation of a crypto task force, as evidence of a changing regulatory landscape.
Rispoli noticed that Ripple’s argument concerning its early engagement with the SEC contributes to the reason why it has yet to settle its case, unlike the rest of them. The company argues that the court ought to consider the said differences when handling the joint motion.
Whereas Rispoli construed the filing as less convincing in tone, he also resigned to the decision that it was a clever and absolute step. The letter covers some of the major legal gaps, and it can persuade the court to better consider Ripple’s request.
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