Latest Motion Could Make or Break It
Prominent lawyer Bill Morgan has opined that the latest joint motion filed by Ripple and the U.S. Securities and Exchange Commission (SEC) is “very important.”
“If the motion is not allowed and the settlement agreement is not varied or a new settlement agreement entered, then there is no settlement and the appeal and cross-appeal would continue,” Morgan wrote in a lengthy social media post.
On Thursday, Ripple and the SEC asked Judge Analisa Torres of the United States District Court for the Southern District of New York.
As reported by U.Today, Judge Torres previously rejected an earlier joint motion filed that was seeking an indicative ruling in a blow to Ripple.
The rejection motion was asking the judge to indicate whether she would greenlight the settlement agreement if the case were to be remanded by the Second Court of Appeals.
You Might Also Like
It is worth noting that the SEC agreed to dramatically reduce Ripple’s fine to just $50 million (from the original $125 million) and ask the court to dissolve the injunction that prevents Ripple from selling XRP to US-based institutional buyers.
The motion was rejected by Judge Torres for being “procedurally improper” while also noting that the parties failed to justify the necessity for modifying the final judgement.
In the most recent joint motion, the parties cite “exceptional circumstances” such as the agency’s crypto policy shift.
If it ends up being rejected by the court as well, Morgan believes that it could potentially reduce in a new setltment agreement.