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Ripple (XRP) vs SEC: Legal Expert Bill Morgan Summarizes the Whole Settlement Process
The high-stakes legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has now entered its settlement phase, with a key update provided by legal expert Bill Morgan.
According to Morgan, the process is now entering a crucial stage where both parties await Judge Torres’ decision on their second joint motion. This motion, filed correctly for the first time, seeks an indicative ruling from the court, which would allow the parties to request a limited remand and initiate settlement relief.
The timeline of events has been carefully mapped out by Morgan, providing clarity on the steps that have already been completed and those that are in progress. First and foremost, both Ripple and the SEC signed and signed off on a settlement agreement, with Ripple agreeing to the $50 million penalty. This significant breakthrough was followed by a joint request for the Court of Appeals to pause further proceedings and grant a 60-day stay.
The appeal and cross-appeal were accordingly placed on hold from April 16 to June 16, allowing both parties to seek relief from the district court before proceeding further.
A crucial step in this process came when both sides jointly asked Judge Torres to signal their willingness to revisit the judgment. Morgan explained that while this motion wasn’t rejected due to its substance but rather because of a procedural oversight – the failure to cite Rule 60(b) as legal basis for seeking relief from a final judgment.
In an effort to correct this error, Ripple and the SEC filed a revised joint motion on June 12. This time correctly invoking Rule 60(b), the parties sought an indicative ruling once more. The SEC has since updated the Court of Appeals on the new filing, requesting that the current abeyance period continue while Judge Torres considers their proposal.
The outcome now hangs in the balance as both parties await a decision from Judge Torres, which will dictate the next course of action. Morgan emphasized that there is no disagreement between the parties at this point, stating that the remaining steps are entirely dependent on procedural clearance from the courts.
If and when Judge Torres makes her ruling, the settlement relief can commence, effectively dissolving the injunction that has restricted Ripple’s operations and allowing for the payment of the agreed-upon $50 million penalty. Finally, once the settlement is complete, the parties will file a joint motion to dismiss both the appeal and cross-appeal with the Second Circuit.
It seems clear that the legal battle between Ripple and the SEC is now nearing its conclusion, with all key filings completed and only procedural clearance from the courts remaining before the final resolution.
Source: timestabloid.com
