With the end of the case near, the SEC and Ripple filed a motion to release 125 million dollars in custody
The lawsuit against Ripple, filed by the U.S. Securities and Exchange Commission in December 2020, is finally coming to an end.
Ripple and the U.S. Securities and Exchange Commission (SEC) filed a joint motion on Thursday to release the 125 million dollars held in a custody account to cover the costs of the court-ordered resolution.
According to the letter submitted by both parties, 50 million dollars will be transferred to the SEC for the civil penalty against Ripple, while the remaining 75 million dollars will be returned to Ripple, pending court approval. The attorneys who submitted the motion wrote:
"The proposed resolution by the parties will preserve the resources of the Second Circuit by avoiding the need to decide appeals, will waive any remand for further proceedings in this Court, and will end 4.5 years of hard-fought litigation".
The SEC's lawsuit against Ripple is a landmark case for cryptocurrency regulations in the United States, and the formal end of the litigation will be a symbolic victory for an industry that has largely won its battle for legal legitimacy in the U.S.
