Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
According to the most recent update in the Ripple-SEC lawsuit provided by James K. Filan, both parties have renewed their request for an indicative ruling. It should be recalled that in May, Judge Torres denied the parties’ motion for an indicative ruling, stating that "if jurisdiction were restored to this Court, the Court would deny the parties’ motion as procedurally improper."
Now the latest move seeks to close the chapter on cryptocurrency's longest-running legal disputes, with the parties jointly filing a motion in Manhattan federal court to dissolve the injunction in their case and release the $125 million civil penalty now held in escrow.
The motion, filed under Federal Rules 60(b)(6) and 62.1, claims "exceptional circumstances" as grounds for revisiting the final judgment, citing shifting regulatory attitudes at the SEC and a shared desire by Ripple and SEC to avoid further litigation.
According to the proposal, $50 million would go to the SEC and $75 million would be returned to Ripple.
Former SEC official reacts
Former SEC official Marc Fagel has commented on the recently filed joint motion by Ripple and the SEC, offering insight into what might be the motives behind the recent action.
Taking to social media platform X, Fagel stated: "They have an appeal pending. The whole point of this motion is the parties trying to avoid going forward with the appeal."
The recent Ripple-SEC motion highlights changing regulatory views, with an intention to prevent future litigation while resolving existing appeals in the Second Circuit, which would avoid extending the matter for another year of courtroom battle. Fagel appeared to echo this sentiment.
The lawsuit, initially filed in December 2020, alleged that Ripple conducted $1.3 billion in unregistered XRP sales. A court-approved final settlement would remove any lingering legal uncertainty, adding to the already high demand for the XRP cryptocurrency.
Vladislav Sopov
U.Today Editorial Team