Key Points:

• The SEC and Ripple have jointly filed a motion in federal court in Manhattan to dissolve the injunction preventing the release of $125 million currently held in escrow due to their ongoing legal dispute.
• According to the proposal, $50 million is designated for the SEC, while Ripple would reclaim $75 million.
• The motion points to evolving regulatory perspectives and aims to avert further litigation, facilitating a settlement of outstanding appeals.

The SEC and Ripple are working towards putting an end to one of the oldest legal struggles within the cryptocurrency space. They have taken steps to conclude existing appeals with a joint filing for the release of $125 million in escrow funds. The planned division allocates $50 million to the SEC and returns $75 million to Ripple.

The motion, which is under the purview of Federal Rules 60(b)(6) and 62.1, argues for reopening the final judgment based on “exceptional circumstances,” emphasizing a mutual interest in avoiding further courtroom confrontations. The lawsuit originally emerged in 2020, charging Ripple with unregistered sales of $1.3 billion in XRP, and an agreement would clarify lingering uncertainties regarding the legal status of XRP.