Recent developments in the Ripple vs. SEC lawsuit may bring an end to one of the longest-running legal disputes in cryptocurrencies. Both parties filed a joint motion to lift the injunction and release $125 million.
Context and Details of the Lawsuit
According to the latest update in the Ripple vs. SEC lawsuit, both parties have submitted a renewed request for an indicative ruling in the Manhattan federal court. In May, Judge Torres denied their motion, citing procedural deficiencies. The current motion seeks to close the case and lift the injunction on the $125 million held in escrow. It is based on 'exceptional circumstances' and shifting regulatory views from the SEC.
Reaction from Former SEC Officials
Former SEC official Marc Fagel commented on the joint motion, highlighting the possible motives behind the recent action. He noted on social media that the purpose of the motion is to avoid ongoing appeals. 'They have an appeal pending. The whole point of this motion is the parties trying to avoid going forward with the appeal,' Fagel posted.
Future Prospects of the Lawsuit
The proposal suggests that $50 million would go to the SEC while $75 million would be returned to Ripple. A court-approved final settlement could eliminate lingering legal uncertainties and might boost demand for the XRP cryptocurrency.
Updates in the Ripple vs. SEC lawsuit could lead to significant changes in cryptocurrency regulation. Anticipated resolution of the case may strengthen Ripple's position and restore investor confidence.
