XRP lawsuit: Ripple SEC case nears end with agency filing settlement agreement to set aside injunction
The US Securities and Exchange Commission (SEC) and Ripple have taken another step in their long-running legal battle as they seek to put the XRP lawsuit to bed.
This time, the commission has filed a settlement letter, asking Judge Annalisa Torres to set aside her ruling against the crypto firm.
XRP Lawsuit: SEC Asks Judge Torres To Adopt Settlement Agreement
In a court filing, the SEC asked Judge Torres for an indicative ruling on the settlement agreement it reached with Ripple.
As part of the ruling, the commission asked the court to vacate the injunction it granted against Ripple in its final judgment in the XRP case.
The agency also said Judge Torres ordered the release of $125 million in escrow against Ripple. The SEC will receive $50 million in satisfaction of the monetary judgment, while Ripple will receive the remainder.
If the court issues an indicative ruling, the SEC and Ripple will move to the U.S. Court of Appeals for the Second Circuit for a limited remand to seek such relief from the district court.
This is part of the steps to finalize the settlement agreement, which the two sides reached in March.
The appeals court previously granted the SEC and Ripple’s joint motion to suspend proceedings in the appeal case, while they request this indicative ruling from Judge Torres so that the settlement agreement can be finalized.