The U.S. Securities and Exchange Commission has filed a motion seeking court approval for a settlement with Ripple Labs, even as one SEC commissioner opposes the move over investor protection concerns.

According to the May 8 court SEC filing, both Ripple and the SEC have agreed to withdraw their respective appeals pending before the Second Circuit Court of Appeals, effectively ending a legal battle that began in December 2020. Under the proposed deal, Ripple would be able to resume sales without breaking any securities laws and recover $75 million of the $125 million that was held in escrow. 

The move comes after a key court ruling in 2023 by Judge Analisa Torres, who found that although sales of XRP xrp8.72%XRP to public exchanges did not violate securities laws, sales to institutional investors did. If approved, the court would release the $125 million civil penalty held in escrow, with $50 million going to the SEC and the remainder back to Ripple. 

The settlement explicitly states that neither party will seek to amend the 2023 summary judgment, preserving the court’s finding that only institutional XRP sales violated securities law. However, not everyone within the SEC is on board. 

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