The U.S. Securities and Exchange Commission (SEC) v. Ripple case just got an exciting update, with the two parties filing a joint motion with a Manhattan federal court to dissolve the existing injunction and release the $125 million civil penalty held in escrow.
Under the proposal, $50 million would go to the SEC, while Ripple would receive the remaining $75 million.
Should Judge Analisa Torres greenlight the proposal, SEC and Ripple will petition the second Circuit Court of Appeals for a limited remand to obtain formal relief.
Following the news, XRP price dropped quickly, trading at $2.14 at the time of writing (down 3.85%). In the meanwhile, the daily trading volume is up 58.47%, suggesting increased market activity generated by the growing legal uncertainties.
XRP 24-hour price performance. Source: Finbold
Ripple and SEC close to settling
The Ripple v. SEC case is one of the longest legal battles with potentially wide-ranging consequences for the crypto market. Both
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