Ripple and SEC Reach Settlement Agreement in XRP Lawsuit

The U.S. Securities and Exchange Commission (SEC) and Ripple Inc. have reached a settlement agreement in their long-running legal dispute, filing a joint petition in the U.S. District Court for the Southern District of New York on the 8th. According to the petition, the parties are seeking an end to the injunction against Ripple and the release of a $125 million escrowed civil penalty. Under the agreement, Ripple will pay $50 million to the SEC and the remaining funds will be returned to Ripple.

On April 16, the U.S. Court of Appeals approved an order to suspend the appeal hearing following a joint petition from both parties, and required the SEC to report on the progress of the settlement within 60 days by June 9. Ripple...