Ripple and the United States Stock Exchange and Securities Commission sealed a definitive agreement, which represents a significant advance towards the resolution of the demand. This was presented by the agency during the mandate of Joe Biden, accusing the company to violate the laws of values.
As reports the SC in a official statement Posted on May 8, the agency presented A conciliation agreement which establishes a framework to resolve the Civil Execution action of the SC against Ripple. The plan presented by the company a few months ago with the idea of reaching a joint agreement around the opinion issued by Judge Analisa Torres is accepted.
Based on this, the transactional agreement establishes, among other things, that the Commission and Ripple will jointly request the District Court An indicative opinion that aims to dissolve the precautionary measure established in the final judgment of the District Court, published on August 7, 2024.
In this way, the judge’s pronouncement is requested on the restrictions imposed on XRP sales and the possibilities of releasing the warranty deposit account contained in USD 125 million. This is the amount of the fine imposed on Ripple for the final judgment emanating from that court on that date.
This is a petition that both parties agreed to request the court since last March, when the SEC and Ripple They announced that they would not advance with the appeals to the sentence that was announced in 2023.
As Cryptonotics reported, through this ruling a court order was released that limited the institutional sale of XRP. This, because – at the trial of the court— XRP was a value title (Security) when it was marketed through institutional purchases.
He was just taking this decision that Torres sanctioned the company for not registering these sales before the SEC (prior to demand), imposing the fine of USD 125 million.
On this, the CEO of Ripple, Brad Garlinghouse, said that the company had partially complied with the order, depositing the amount in a guarantee deposit account.
The plan now is that The SEC conserves 50 million dollars Of that fine, while the rest will be returned to Ripple.
Based on this, the transactional agreement establishes that, after an indication of the District Court that will dissolve the precautionary measure and release the amounts of the fine, the SEC and Ripple will request a refund limited to the district court for said repair.
Subsequently, they will request The dismissal of their respective appeals against the final judgment, which are currently pending in the United States Court of Appeals for the second circuit.
“The decision of the commission to exercise its discretion and request a resolution of this pending compliance action is based on its criteria that said resolution will facilitate the continuous efforts of the Commission to reform and renew its regulatory approach towards the cryptocurrency industry,” says the SEC in its publication.
With these words it refers to the plans that advance in the agency with a view to the presentation of lighter rules for the cryptocurrency sector. A work that advances last January through a working group led by Commissioner Hester Peirce.
At the close of this edition there were no pronouncements on the agreement in the official sites or in the accounts of the main spokesmen of Ripple.
