XRP News Today: Ripple and SEC Seek $125 Million Release in Ongoing Lawsuit

Members of the Ripple and XRP communities are eagerly awaiting the next development in the Ripple vs. SEC lawsuit, a legal battle that has been ongoing since December 2020. While Ripple supporters were excited about Judge Analisa Torres’s 2023 court ruling, which established that the secondary sale of the XRP token does not make the asset a security, the future direction of the case remains uncertain.

In the latest development, Ripple and the SEC filed a joint motion requesting that $125 million be released from the escrow account. Of this amount, $50 million would be distributed to the SEC as settlement costs, with the remaining funds transferred to Ripple. As market observers await Judge Torres’s decision, pro-crypto attorney John Deaton has provided clarity on what he believes could happen next.

Deaton countered claims that he and another pro-crypto attorney, Fred Rispoli, wanted the SEC to appease Judge Torres with its most recent filing. He stated that he believes there is a 70% chance that Judge Torres will grant the relief requested in the joint motion. Deaton explained that he had hoped the regulator would acknowledge the role of the former leadership in what he regards as an over-surveillance of the crypto industry. He also noted that Ripple failed to highlight the disadvantages that new regulatory policies could have on the broader crypto market, despite the current court order placing competitor firms like Circle miles ahead of Ripple.

Despite maintaining that the joint motion is more likely to be granted than rejected, Deaton remains convinced that a stronger case should have been made to persuade the judge to rescind her ruling. He believes that the current approach assumes the judge will grant the motion based on a few cited cases, rather than making a compelling argument for why the ruling should be rescinded.

Deaton's insights suggest that the approval of the joint motion could lead to a more favorable outcome for Ripple, potentially reducing the penalties and providing a clearer path for the company's operations. This development would be a major step forward in the ongoing legal battle, which has been closely watched by the cryptocurrency community and regulatory bodies alike. The resolution of this case could have far-reaching implications for the industry, as it would set a precedent for how digital assets are regulated and how companies operating in this space are held accountable.