In a new message to Analisa Torres, U.S. District Judge for the Southern District of New York (SDNY), the U.S. Securities and Exchange Commission (SEC) confirmed that it has reached a settlement agreement with Ripple, a blockchain technology company.

The aforementioned message requested a guiding ruling from Judge Torres.

The Second Circuit had previously stayed the appeal to allow the parties to complete the settlement process.

The district court will be able to formally approve the settlement once the case is returned, meaning that the Second Circuit will send it back to the district court.

Ripple and the SEC will then be able to voluntarily drop their appeal.

The message confirms that Ripple's penalty has been reduced to only $50 million from $125 million. The remaining amount will be returned to the company. The injunction imposed by Judge Torres will also need to be lifted as part of the final ruling last August.

The district will need to indicate whether it is willing to resolve the injunction and change the penalty if jurisdiction is transferred from the appellate court.

Both parties also agreed not to seek to modify Judge Torres' summary judgment order from July 2023, which states that software sales of XRP are not securities.

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