The US Securities and Exchange Commission (SEC) and Ripple have taken another step in their long-running legal battle as they look to put the XRP lawsuit to bed. This time, the Commission has filed a settlement letter, asking Judge Analisa Torres to set aside her judgment against the crypto firm.
XRP Lawsuit: SEC Asks Judge Torres To Adopt Settlement Agreement
In a court filing, the SEC requested an indicative ruling from Judge Torres pursuant to its settlement agreement with Ripple. As part of the ruling, the Commission asked that the Court dissolve the injunction it awarded against Ripple in the final judgment in the XRP lawsuit.
The agency also asked that Judge Torres order the release of the $125 million penalty ordered against Ripple from escrow. The SEC would receive $50 million in satisfaction of the monetary judgment, while Ripple would receive the remaining sum.
As CoinGape reported, the Appeal Court had earlier granted the SEC and Ripple’s joint motion to suspend proceedings in the appeal case, while they seek this indicative ruling from Judge Torres in order to finalize the settlement agreement.
Once Judge Torres agrees to grant the demands as requested, both parties will then ask the Court of Appeals for a limited remand for the purpose of seeking these reliefs from the District Court.
Upon a grant of this limited remand, the SEC and Ripple will then move to file motions and other necessary documents in the District Court which are necessary to request that the court grants the relief. Once the District Court enters these orders, both the SEC and Ripple will file to dismiss their appeal and cross-appeal, respectively, in the XRP lawsuit.
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