US SEC and Ripple Request Court for Lawsuit Suspension and Return of Fines

JH Kim

Summary

It was reported that the U.S. Securities and Exchange Commission (SEC) and Ripple Labs requested the court to suspend the lawsuit and return the fines.
Of the $125,000,000, they proposed that $50,000,000 be paid to the SEC and the remainder returned to Ripple.
This request was said to be an effort for settlement, conclusion of the pending appeal, and avoidance of further legal procedures between the parties.

On the 12th (local time), Eleanor Terrett, the host of Crypto in America, reported via X (formerly Twitter) that the U.S. Securities and Exchange Commission (SEC) and Ripple Labs have requested the U.S. District Court for the Southern District of New York to suspend the lawsuit and return the fines.

They proposed paying $50,000,000 of the $125,000,000 civil penalty currently held to the SEC, with the remainder to be returned to Ripple.

Terrett explained, "This request appears to be part of an effort to settle the case, conclude the pending appeal, and avoid further legal proceedings between the parties."