$XRP In a recent development, the U.S. Securities and Exchange Commission and Ripple Labs Inc. submitted a joint letter with Judge Analisa Torres in the Southern District of New York, formally requesting a declaratory judgment to dissolve the injunction imposed on Ripple and release the funds held in escrow related to the civil penalty.

The filing asks Judge Torres to make two determinations: first, to dissolve the injunction previously included in the final judgment issued against Ripple; and second, to approve the distribution of the civil penalty of $125,035,150, with $50 million paid to the SEC and the remainder returned to Ripple.