Ripple and the American sec are again before judge Analisa Torres. This time they ask for a indicative Under rule 60 (b) federal civil procedure rules.
What is rule 60 (b)?
In simple terms, rule 60 (b) allows a court to modify or reject a final judgment if there are “exceptional circumstances” – new unusual or important reasons to undo a decision that has already been made.
Why do Ripple and the dry do this?
Last year, the court ruled against Ripple and ordered them to pay a fine of $ 125 million and prevented them from selling XRP to certain buyers in violation of American securities (injunction). Ripple had to put the total sequestration penalty while the two parties appealed the decision.
Now Ripple and the SEC have reached a regulation and wish to close the case. To do this, they ask the court of:
- Dissolve (delete) the injunction that restricts Ripple’s XRP sales
- Release the back funds: Ripple would pay $ 50 million to the dry and recover the rest
However, as the case has already rendered a final judgment, they need the authorization of the Tribunal through a request in order 60 (B).
What happens next?
If the Torres judge makes an indicative decision that would grant this request, Ripple and the dry will ask the Court of Appeal to return the case, so that the Torres judge can officially dissolve the injunction and release the funds.
Why the Introduction Plans on Ripple are affected by the injunction
Currently, Ripple is prohibited to sell XRP to institutions or to the general public so as to be against American securities laws by an injunction of the court. Given that these sales are an important part of the company’s fundraising strategy, in particular if it wishes to launch an IPO (initial public offer) or offer other investment opportunities, this restriction is an obstacle to Ripple.
According to Ripple and the dry, the main factor preventing their regulations and hampering future Ripple business plans is this injunction. For this reason, Ripple requests that the court raises the injunction under rule 60 (b), which allows the modification of the orders of the court if there is
If the court agrees, Ripple would be free to fully restart its commercial operations and to go to a IPO or similar offers in the future.
