SEC, Ripple file motion to release $125M in escrow as case winds down
The lawsuit against Ripple, filed by the United States Securities and Exchange Commission in December 2020, is finally wrapping up.
Ripple and the United States Securities and Exchange Commission (SEC) filed a joint motion on Thursday to release the $125 million in funds held in an escrow account to pay for settlement costs ordered by the court.
According to the letter submitted by both parties, $50 million will be transferred to the SEC for the civil penalty against Ripple, with the remaining $75 million transferred back to Ripple, pending court approval. The filing attorneys wrote:
The SEC lawsuit against Ripple is a landmark case for crypto regulations in the United States, and formally ending the litigation will be a symbolic victory for an industry that has already largely won its battle for legal legitimacy in the US.