XRP News Today: Ripple and SEC File Motion Before Key Court Deadline; BTC Slides

SEC vs. Ripple Case: Parties File Crucial Joint Motion

The SEC vs. Ripple case took center stage on Thursday, June 12, with the June 16 Court of Appeals deadline fast approaching. US attorney James Filan shared a joint court filing, where both parties sought to settle Judge Analisa Torres’ Final Judgment ahead of the deadline.

Ripple and the SEC jointly renewed their request for an indicative ruling to lift the injunction prohibiting XRP sales to institutional investors and to reduce the $125 million penalty. The parties filed the request ahead of the US Court of Appeals’ June 16 deadline for a progress report on the settlement.

Pro-crypto lawyer Bill Morgan broke down the key differences between the rejected first request and the second request, stating:

“In the joint motion filed today by the SEC and Ripple to show exceptional circumstances, the parties rely on authorities that have held that exceptional circumstances exist where modification of a judgment is necessary to facilitate a settlement that would obviate pending appeals and where relief from the judgment is a ‘necessary condition of settlement’.”

Morgan underscored the stakes, stating that unless a settlement is reached, the SEC and Ripple will proceed with their respective appeals and cross-appeals. He cautioned:

“Yet for months, influencers have been saying that it is over and the case is closed. This is not so. The fate of the current joint motion is very important.”

In recent weeks, we have discussed the significance of the settlement ruling on the Ripple case and the prospects of a US XRP-spot ETF approval.

A rejection from Judge Torres—whether of the joint motion or the proposed settlement—would pressure the SEC to pursue its appeal against the 2023 Programmatic Sales ruling.#RippleSECSettlement