Mark Feigl Says Ripple and SEC Are Moving to Modify Court’s Relief Order in Recent Motion
According to a recent X post by former SEC attorney Mark Feigl, Ripple and the SEC are seeking to modify the court’s order in the $XRP case.
Counsel noted that both parties envision increased relief through their joint motion for a directed verdict. He adds that while the court has paved the way for a settlement in the Ripple v. SEC case, the parties are causing the delay themselves.
Intent to Modify Relief in XRP Litigation
In a recent X post, former SEC attorney Mark Feigl offered valuable insight into the long-running $XRP case, revealing both parties’ intent to seek a relief modification. Specifically, Ripple and the SEC aim to revise the court-ordered remedy.
Recently, both parties filed for an indicative judgment in the Ripple v. SEC case, despite the court’s initial dismissal. And later, Ripple filed a supplemental letter to further promote the motion, emphasizing that dissolving the injunction would not exempt them from securities laws.
They would be required to follow the law regardless of the injunction. The proposed settlement, which includes a reduced fine, takes into account the risks of an appeal and would eliminate a lengthy litigation.
By granting an indicative ruling, Ripple would be placed on the same footing as other crypto firms whose cases have been dismissed by the SEC at its discretion.
According to Feigel, the court has already ruled on the matter, holding Ripple liable for hundreds of millions of dollars in unregistered XRP sales, which were classified as securities.
As a result, the judge imposed a $125 million fine and barred them from future violations. However, both Ripple and the SEC are now prolonging the case with the intention of amending the ruling.
Specifically, his thread comes in response to an X user's question about Judge Annalisa Torres' decision, where he questions why the case wasn't wrapped up sooner. Reacting to the question, Feigl wrote,
She did. She found Ripple illegally raised hundreds of millions of dollars from unregistered securities sales, penalized them $125m, and enjoined them from further violations. But now the SEC and Ripple are trying to get her to change the remedies she ordered.
Is the SEC responsible for the delay in the Replea case?
Further, while addressing doubts over the SEC's role in the delay in the Ripple case, Feigel asserted that the commission is not dragging out the case. Recently, $XRP attorney Bill Morgan also suggested that Ripple, rather than the SEC, is to blame for the delay in legal action. Morgan said,
Rather than cause the delay the SEC is actually bending over backwards to help ripple have the injunction dissolved. Ripple and the SEC would have settled months ago but for Ripple wanting to dissolve injunction.
Meanwhile, Feigel pointed out that the allegations were made in previous leadership during the Trump/Clayton era, long before Gary Gensler took office. He added that the case is now pending for a court decision. read his statement,
The charges were brought under Trump/Clayton, long before Gensler was appointed. And the SEC isn’t dragging anything out; the matter is before a judge for decision.
The SEC's appeal changed Ripple's stance.
XRP attorney Bill Morgan has been a vocal advocate and commentator in the Ripple v. SEC case since the case began. In his recent tweet, he shared insight into the SEC's new approach that led to the current developments in the Ripple case.
The statement follows Bill Morgan's recent prediction that the Ripple v. SEC case could be settled within weeks if the judge grants the joint motion.
Morgan believes that the SEC’s appeal changed everything in the XRP case. Without an appeal, Ripple could have accepted the court's decision. He said,
The SEC’s new policy towards enforcement has encouraged Ripple to seek more than it would have been satisfied with or lived with before the SEC filed its appeal.