Procedural error has delayed the end of the case for Ripple and SEC, derailing the revolution of the XRP lawsuit. Lawyer Bill Morgan provided remarks on the case at hand and unveiled what was needed to move forward.
Settlement Agreement Details
SEC and Ripple resolved, with Ripple to be executed on April 23, 2025, and SEC to be executed on May 8, 2025. Later, the two sides jointly moved for stay of their appeals in abeyance. However, there was dismissal of the Rule 62.1 motion on procedural error grounds as a result of non-citation of Rule 60, which grants relief from final orders.
Impact of the Procedural Error
The indicative ruling of the court has not been renounced, Morgan asserts. Rather, it is a procedural failure. The parties are thus precluded from seeking an appeal by motion for limited remand to the Second Circuit Court of Appeals by reason of this breakdown. Remand needs to be ordered so that Judge Analisa Torres may vacate the injunction and inflict a lower fine of $50 million.
Next Steps in Ripple and SEC Case
Then, Ripple Chief Legal Officer Stuart Alderoty expressed that the two will work together to submit a compliant joint motion. That is ongoing cooperation between Ripple and the SEC in negotiating terms of their agreement. Once the motion is submitted, then amended the process can continue.
If they win in court, parties will effect a partial remand of the Court of Appeals. This is performed in an attempt to enforce dissolution of the injunction and entry of the lower fine. In spite of some delay, the agreement of settlement holds, with everything achieved not being reversed.
The case between Ripple and SEC is stayed by virtue of procedural default. The two firms, however, want the case to go on and advance with the settlement. Next is to file a new joint motion that is in accordance with procedural standards. As events will unfold, stakeholders will be watching the case very closely for developments.
