The SEC and Ripple have moved to close the chapter on one of crypto’s longest-running legal battles, jointly filing a motion in Manhattan federal court to dissolve the injunction in their case and release the $125 million civil penalty currently held in escrow.
Under the proposal, $50 million would go to the SEC, while the remaining $75 million would be returned to Ripple.
The motion, filed under Federal Rules 60(b)(6) and 62.1, cites “exceptional circumstances” as grounds for reopening the final judgment, pointing to changing regulatory attitudes at the SEC and a shared desire between both parties to avoid further litigation.
The move also aims to settle outstanding appeals in the Second Circuit and avoid prolonging the case into another year of courtroom wrangling.
The case, initially filed in 2020, accused Ripple of conducting $1.3 billion in unregistered XRP sales. A court-approved final settlement would remove any remaining lingering legal uncertainty, in a further boost to the already in-demand XRP token.