A significant development arises in the Ripple vs. SEC case, with a joint filing requesting to lift the injunction and lower penalties.
Ripple and SEC Joint Motion
On June 12, the parties filed a joint motion in the U.S. District Court to revisit a previous ruling. The filing cites 'exceptional circumstances' that justify dissolving the injunction and lowering the civil penalties imposed on Ripple. The statement relates to Rules 62.1 and 60(b) of the Federal Rules of Civil Procedure. If approved, this would lift the existing injunction and return $50 million of the $125 million civil penalty back to Ripple.
Reactions from Legal Experts
The legal community has responded with caution. Prominent crypto attorney Fred Rispoli expressed his concerns about the motion, noting, 'I don’t like this filing as it was clear from Judge Torres' last ruling that she was displeased.' Another legal expert, Sherrie, voiced similar concerns, saying she felt there was a slightly higher chance of a favorable outcome but was more worried than before.
Potential Consequences for Ripple
Should the request be denied again, Ripple may consider pursuing a cross-appeal in the Second Circuit, prolonging the ongoing litigation. Judge Torres is expected to respond within the next two weeks, which could greatly influence the outcome of this high-profile cryptocurrency lawsuit.
The discussion around the implications and potential next steps for Ripple remains relevant amid the latest developments.
