- Both parties accepted that the resolution is a time saver and avoids further appeals, and shuts down a case.
- The filing noted the release of funds from escrow to complete the penalty and return the rest balance to Ripple.
The XRP case turns to a new direction after a joint motion of Ripple and the US SEC to finish the long-running case. Attorney John E. Deaton, who advocated the XRP case, said that there 70% chance Judge Analisa Torres will accept the filing and grant relief.
This advancement is followed by Ripple’s release of $125 million in funds held in escrow. The suggested use of these funds consists of a $50 million civil penalty payment to the Securities and Exchange Commission, having $75 million to be returned to Ripple.
Both parties accepted that this resolution is a time saver and avoids further appeals and shuts down a case that had been sustained for more than four years. The advocate replied to public comments and mentioned that he did not expect praise from the parties involved.
What Did The Ex-Employee Say?
Rather than this, he hopes that the regulatory body would accept some responsibility for what he asserted as past aggressive tactics against the crypto industry. He also highlighted how another judge, Sarah Netburn so far mentioned that SEC lawyers don’t have faithful allegiance to the law.
He also gave reference to the latest Debt Box Case, in which the SEC lawyers faced sanctions because of their conduct. Adding more to this, the lawyer also highlighted the regulatory advancements, such as the unsettled crypto clarity, and the Genius Acts could have been used to back the motion.
At the same time, an ex-employee of the SEC, Marc Fagel, showed concern regarding the SEC’s reasoning in the recent court filing. He also mentioned that the reference to elections and shifting policy focus is not a strong legal argument.
On June 12, both the SEC and Ripple submitted a joint letter to the U.S. District Court for the Southern District of New York. The filing noted the release of funds from escrow to complete the penalty and return the rest balance to Ripple.
The motion mentioned that approval would ignore further appeals and save judicial resources.
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