It’s new letter The Securities and Exchange Commission (SEC) confirmed that a settlement agreement has been reached with enterprise blockchain company Ripple.
The aforementioned letter requested a ruling of the indicators from Judge Torres.
The Second Circuit previously suspended appeals to enable parties to finalize the settlement process.
The district court can formally approve the settlement once the case is remanded. This means that the Second Circuit will send it back to the district court.
Ripple and the SEC may voluntarily drop the appeal after this.
The letter confirms that Ripple’s penalty has dropped from $125 million to just $50 million. The remaining total will be returned to the company. The injunction imposed by Judge Torres as part of the final verdict last August must also be lifted.
If the district moves from the Court of Appeal, it must signal whether it is willing to resolve the injunction and change the penalty.
The parties also agree not to seek amendments to Judge Torres’ summary judgment order dated back to July 2023. The order states that XRP sales of the program are not securities. However, Judge Torres ruled that Ripple violated the securities law with the agency’s XRP sales.
According to Coingecko data, XRP has increased by 7.2% over the past 24 hours.
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