Ripple and the United States Securities and Exchange Commission (SEC) filed a joint movement on Thursday to release $ 125 million in funds held on an escrow account to pay for the regulating costs ordered by the court.
According to Letter Submitted by both parties, $ 50 million will be transferred to the SEC for the civil penalty against Ripple, with the remaining $ 75 million moved back to Ripple, waiting for the court approved. File lawyers write:
“The proposed resolution of the parties will maintain the resources of the second circuit by avoiding the need to decide appeals, avoid any remand for further trial in this court, and bring 4.5 years of hard-away trial to end.”
The SEC Lawsuit against Ripple is a landmark case for crypto regulations in the United States, and the formal end of the trial will be a symbolic victory for an industry that has won more battle for legal legitimacy in the US.
Related: Fungible Cryptos in Secondary sales are not security, Ripple told the SEC
Sec and ripple wind down case following 2024 decision
In July 2023, Judge Analisa Torres ruled that the second sales of XRP (XRP) token are not securityProviding the Ripple and the crypto industry is a slight but major success.
However, the judge also determined that the sale of XRP to investors during the funding of the cycles develops security sales due to how the tokens are offered in return for investing in a business business.
Ripple is ordered to pay a $ 125 million penalties to the SEC according to a subsequent decision from Judge Torres in August 2024.
https://www.youtube.com/watch?v=o08M3WKEHFS
Dissatisfied with the outcome of the case, the Sec submitted an appeal In October 2024 – approximately one month earlier in the US presidential election.
Brad Garlinghouse, the CEO of Ripple, has announced that the The SEC drops the appealIn a post of March 19 X, a video statement from the CEO joined the outcome as the “end” of the case.
Shortly after the announcement, Ripple agreed to drop its cross-appeal to Sec. The crypto firm too Obtained a refund from a lower courtIt allows it to maintain $ 75 million of the $ 125 million penalties set for the August 2024 decision.
Magazine: XRP Win leaves ripple and industry without crypto legal previously set
