Ripple and United States Securities and Exchange Commission (SEC) on Thursday filed a joint proposal to release $ 125 million in the funds conducted in an Escro account, which was to pay for the settlement costs ordered by the court.
As Letter Presented by both sides, $ 50 million will be transferred to SEC for civil penalty against Ripple, transferred back to Ripple with the remaining $ 75 million, pending court approval. Filing lawyers wrote:
“Parties’ proposed resolution will preserve other circuit resources to avoid the need to decide the appeal, reduce any remand for further proceedings in the court, and will bring 4.5 years of hard-fighting to end litigation.”
SEC case against Ripple The United States is a historical case for crypto rules, and formally ending litigation will be a symbolic victory for an industry that has already won its fight for legal validity in the US.
Connected: Secondary sales do not have fungus crypto securities, Reples tells SEC
Send and Ripple Wind Down Case after 2024 decision
In July 2023, Judge Analyssa Torres ruled that XRP’s secondary sales (XRP) Token There are no securitiesRipple and Crypto Industry to provide a partial win yet.
However, the judge also ruled that selling XRP to investors during the funding round forms the sale of securities to how the tokens were introduced as compensation for investment in a commercial venture.
Ripple was Ording to pay a fine of $ 125 million According to the subsequent decision from Judge Torres in August 2024, SEC.
https://www.youtube.com/watch?v=o08m3wkehfs
Dissatisfied with the result of the case, Sek filed an appeal In October 2024 – 2024 US presidential election about a month before the election.
Ripple CEO Brad Garlinghouse announced that Sake was leaving the appealIn an X post of March 19, as the actual “finished” of the case celebrating the result with a video statement of the CEO.
Shortly after the announcement, Ripple agreed with SEC to release his cross-appeal. Crypto firm too Refused from a lower courtThe August 2024 judgment allowed $ 75 million of fine of $ 125 million to be maintained.
magazine: XRP wins Ripple and industry with no crypto legal example
