In the latest development in the XRP lawsuit, Ripple and the SEC have again filed a joint motion before the court, seeking an indicative ruling that would validate the settlement agreement.
In a significant development in the ongoing XRP lawsuit, Ripple and the SEC have again filed a joint motion with the court, seeking an "indicative ruling" to validate the settlement agreement reached between the parties.
The parties have asked that the judge dissolve the injunction and order the release of the monetary judgment in the case, according to the SEC filing on Friday.
Both parties request Manhattan District Court Judge Analisa Torres to dissolve the injunction in their long-running legal battle and also release the $125 million civil penalty against Ripple from escrow, as stated in a post by journalist Eleanor Terrett on X.
As part of the settlement agreement, both parties propose that the SEC receives $50 million out of the sum, while the remaining returns to Ripple. This comes as both parties look to finally resolve this and end the ongoing appeal and cross-appeal cases.
As CoinGape reported, both parties were facing a crucial deadline on June 16, which is when the SEC would have had to file a status report on the motion it had earlier filed in the District Court. However, with this move, they could seek an extension as they look to resolve the case rather than proceeding with the appeal.
According to the filing, Ripple and the SEC argue ‘exceptional circumstances’ as to why the motion should be granted. These circumstances include the settlement, the SEC's shift in crypto policy, and the desire to avoid further litigation.
In her May decision, where she denied the earlier motion for an indicative ruling, Judge Torres had stated that the court only grants relief from judgment under the Deferal Rule of Civil Procedure “only upon showing of exceptional circumstances.”
This explains why both parties have gone on to highlight the exceptional circumstances that exist in the XRP lawsuit. However, it remains to be seen if Judge Torres would grant the request for an indicative ruling this time around.
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