SEC Updates Court on Latest Developments in Ripple Lawsuit
The SEC has filed a report to the Court of Appeals for the Second Circuit, updating the court about the current status of its lawsuit against Ripple. It is worth mentioning that James K. Filan, a former federal prosecutor, shared the SEC’s status report. In the report, the SEC updated the Second Circuit about where things currently stand in its legal tussle with Ripple.
Notably, the regulator notified the appellate court that they had submitted a joint motion to dismiss the SEC’s appeal and Ripple’s cross-appeal. The parties submitted the dismissal motion last week, stating that each side will cover its legal costs and fees.
However, U.S. District Judge Analisa Torres rejected the parties’ request to modify her judgment. Not relenting, they re-filed the motion, addressing the procedural flaws raised by Judge Torres.
The SEC subsequently filed a status report on June 16, requesting an additional 60 days for the resolution, with an update due by August 15. Judge Torres once again declined to modify her final judgment but encouraged the SEC and Ripple to withdraw their appeals. They followed her advice last week and filed to dismiss the appeals.
Current Status
In line with the June 16 directive, the SEC notified the Second Circuit about the progress so far, confirming that they filed a joint stipulation of dismissal, which is currently pending before the court. The Second Circuit must approve the dismissal before the multi-year lawsuit can be formally concluded. If granted, Ripple will pay $125 million to the SEC for selling XRP to institutions without obtaining registration from the SEC.
In addition, the permanent injunction on Ripple’s future institutional sales remains in place, requiring the company to register any such transactions should it choose to sell XRP to institutions.
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