Ripple Labs and SEC Seek Change in Order
Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have asked a federal judge to approve a change in an order banning Ripple from selling certain coins and imposing a $125 million fine, a move that the parties said was necessary so they can move forward on a settlement.
Ripple and the SEC stated in their petition to District Court Judge Analisa Torres of the Southern District of New York that “extraordinary circumstances justify this change.”
The parties had challenged various aspects of the court’s decision in October. However, with the SEC adopting a more lenient stance on cryptocurrencies during the second term of the Trump administration, hopes for a resolution to the dispute between the parties have been revived. The SEC is reportedly ready to drop some of its demands and supports changing the decision to facilitate the reconciliation process.
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Whether the decision will be changed or not will become clear with Judge Torres’ decision.
The two parties had proposed paying $50 million to the SEC and returning the remaining funds to Ripple, reflecting the settlement reached in early May. “If the court grants the requested indicative ruling, the SEC and Ripple will appeal to the U.S. Court of Appeals for the Second Circuit to seek limited restitution,” according to the filing.
*This is not investment advice.