The U.S. Securities and Exchange Commission (SEC) and Ripple are attempting to end the years-long legal dispute between the two sides. According to court documents on June 12th, both sides resubmitted a joint request, hoping that the federal judge would revoke the previous injunction issued by the court and approve a revised $50 million fine settlement agreement.
This case originated in December 2020, when the SEC accused Ripple of conducting an unregistered securities offering by selling the cryptocurrency XRP, violating federal securities laws. After years of litigation, in July 2023, the court made a summary judgment partially in favor of both parties. The final judgment in August 2024 imposed a fine of 125 million US dollars on Ripple and issued an injunction. Subsequently, the SEC appealed against the final judgment, and Ripple also filed a counterclaim.
In May this year, the two sides had submitted a similar joint motion, but it was rejected by the court because they failed to prove “special circumstances” in accordance with Rule 60 of the Federal Civil Procedure Rules. This resubmitted motion highlights the existence of “special circumstances”, including the recent shift in the SEC’s crypto policy and the settlement agreement reached by both sides, hoping that the court will reconsider the fine structure and the effectiveness of the injunction.
If the court approves this indicative ruling, the SEC and Ripple plan to apply to the United States Court of Appeals for the Second Circuit to remand the case to the district court for a formal conclusion. At present, the court has not yet ruled on this resubmitted joint request.
Related topic:
- Alby Sparked Controversy over ‘Inactive Fees’, leading to Unexpected Bitcoin Withdrawals
- 80% of CME Group’s crypto futures will expire in August
- The Digital Asset Market Clarity Act has passed the review of two committees of the House of Representatives and will be submitted to the full House of Representatives for a vote.
