The high-profile XRP lawsuit has reached a pivotal juncture as both Ripple and the US SEC have filed a settlement letter. However, XRP lawyer Bill Morgan asserts that the Ripple lawsuit’s settlement approval is still contingent on Judge Torres’ indicative ruling.
Further elaborating on the Ripple vs SEC case, Bill Morgan highlighted the additional steps required to finalize the settlement amidst ongoing uncertainty. Let’s break down the XRP lawyer’s X thread and analyse the potential developments within the suit.
Lawyer Explains Why the XRP Lawsuit Settlement Is Not a Done Deal
In a recent X post, XRP lawyer Bill Morgan shared insights on the uncertainty surrounding the Ripple case settlement. Though both parties have agreed to a settlement, Morgan states that Judge Analisa Torres’ approval still hangs in uncertainty.
However, Morgan believes Judge Torres’ approval becomes more plausible, considering public interest. He stated,
There is no certainty that judge Torres will grant the relief the parties seek pursuant to the settlement agreement. She must form a view that it is in the public interest.
Further elaborating his points, Morgan stated that the overwhelming support from XRP holders could influence Judge Torres’ decision in favor of the settlement terms. Referring to pro-XRP lawyer John Deaton and the 80,000 followers in the Ripple lawsuit, Morgan commented that the judge is likely to consider dissolving the injunction and reducing the fine to $50 million.
Settlement Process Breakdown
As highlighted by Morgan, the XRP lawsuit settlement process involves several key steps. The initial and major step involved both parties’ settlement requests. While Ripple filed for a settlement on April 23, the SEC submitted the letter on May 8. The parties have also filed motions to pause the ongoing appeal and cross-appeal. On May 8, they filed a Rule 62.1 motion seeking an indicative ruling from Judge Torres.
If Judge Torres grants the indicative ruling, the parties will then file a motion for a limited remand with the Court of Appeals to seek the agreed-upon relief. After obtaining the remand, they’ll file a motion with Judge Torres to implement the XRP lawsuit settlement terms. Once the fine is paid and the injunction is dissolved, the final step will be for both parties to file a motion to dismiss the appeal and cross-appeal with the Second Circuit Court.
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