The drawn out legal saga between Ripple Labs and the US securities and exchange commission (SEC) may finally be nearing its end, but only if Judge Analisa Torres grants the joint rule 60(b) motion filed by both parties on June 12. In the motion, Ripple Labs and the U.S. Securities and Exchange Commission (SEC) requested the court to amend the final judgment entered in the case.
The parties also proposed lifting a prior injunction and approving a restructured $125 million settlement. The proposal includes revised penalty terms and aims to sidestep further litigation. In the new conditions, SEC would receive $50 million, and the rest of the money would be given back to Ripple.
Each of the two sides claims that settling the case at this stage prevents protracted litigation citing recent regulatory and legal developments as extraordinary conditions which ought to be endorsed by the court.
The latest motion marks a significant shift from earlier proposals, specifically one rejected by Judge Analisa Torres, who found that it wasn’t filed. This time, both sides are emphasizing collaboration, signaling a desire to close one of the most-watched lawsuits in the crypto industry.
The motion was examined by Bill Morgan, one of the legal supporters of XRP, who said he was hopeful that it would be approved by Judge Torres. He pointed at the lowering of penalties and suggested abolition of the permanent injunction as important factors pointing toward a favorable decision. Morgan is of the opinion that the settlement will provide a common sense and strategic solution to the long held disagreement.
He also mentioned that the settlement of the case would allow Ripple and the SEC to save expensive appeals and years of uncertainty, a win-win situation for the involved sides as well as the crypto community, in general.
However, not all are buyers, though. Attorney Fred Rispoli was even more critical and was wondering about the depth of the motion and its strategic orientation. He contended that it does not incorporate the previous criticism of the SEC by Judge Torres and does not attempt to regulate too widely.
The decision of the court on the joint motion will be a final determinant on this high profile case. Judge Torres may be convinced by the modified conditions and the existence of “exceptional circumstances.” In that case, Ripple and the SEC may finally put the chapters on a multi-year legal marathon behind them.
Otherwise, the risk of new appeals and additional court trials still remains, which means the crypto industry will be monitoring the situation.
Also read : XRP Whale Dumps $60M to Coinbase, Price to Drop Further?
