Ripple and the US Securities and Exchange Commission have again filled a joint request with a federal court to dissolve an order imposed by the court and to approve a revised fine of $ 50 million, aimed at closing their years of legal battle.
According to a court application of 12 June, the SEC and Ripple Judge Analisa Torres of the southern district of New York asked to give an indicative decision about their joint motion to dissolve the order that was issued in a definitive judgment of 2024.
The two parties suggested that $ 50 million would be paid to the SEC as a civil fine, with the remaining $ 75 million reduced to Ripple.
If the court grants the indicative decision, the SEC and Ripple are planning to submit the US Court of Appeal for the second circuit to bring the case for a formal resolution to court.
This effort follows the decision of the court of 8 May that a similar request to not deny to demonstrate ‘exceptional circumstances’ under rule 60 (b) of the federal rules of civil claim.
Settlement Momentum builds
The case stems from a court case of December 2020 that claims that Ripple has violated the federal securities laws by selling XRP as a non -registered safety.
After years of court cases, the court gave summary proceedings in July 2023, partly pronounced for both parties. A final judgment in August 2024 stopped Ripple and imposed a fine of $ 125 million, followed by an order from September 2024 that Ripple obliges to deposit 111% of that amount to Escrow.
The SEC, however, subsequently filed an appeal against the final judgment, as a result of which Ripple submitted a cross-appeal. The Saga culminated in both the company and the regulator who submitted a motion to regulate the case in May.
The current motion reflects a broader effort to end all hanging professions and to prevent further lawsuits. In the motion, both parties emphasized that there are now ‘exceptional circumstances’ that justify the reconsideration of the court of the criminal structure and the continuous validity of the order.
Ripple’s movement to reduce his financial liability and at the same time close the legal chapter is in line with a broader push within the industry to resolve regulatory uncertainty.
In the meantime, the willingness of the SEC to accept a reduced fine, if approved, would indicate a shift in his process strategy in the midst of constant control of his enforcement-oriented approach to crypto regulations.
The court has not yet ruled on the renewed joint request.