In a recent development, the U.S. Securities and Exchange Commission and Ripple Labs Inc. filed a joint letter with Judge Analisa Torres in the Southern District of New York, formally requesting an indicative ruling that would dissolve the injunction imposed on Ripple and release the funds held in escrow related to the civil penalty. The filing asks Judge Torres to make two determinations: first, to dissolve the injunction previously included in the Final Judgment entered against Ripple; and second, to approve the distribution of the $125,035,150 civil penalty, with $50 million paid to the SEC and the remainder returned to Ripple. According to the letter, if the Court grants this indicative ruling, the parties will move the U.S. Court of Appeals for the Second Circuit to remand the case to the district court to grant the relief. Fred Rispoli’s Notable Observation Legal analyst and defense attorney James K. Filan alerted the public to the development through a tweet, stating : “BREAKING: The @SECGov has filed the Settlement Agreement Letter.” In response, crypto lawyer Fred Rispoli pointedly noted the absence of Jorge G. Tenreiro, Chief Litigation Counsel at the SEC, from the settlement agreement. Rispoli tweeted: “You know what’s so great about this? On the Settlement Agreement attached (Ex. A), ZERO APPEARANCE by a certain Mr. Tenreiro. In all fairness to him, though, he has been dealing with a massive temperature regulation problem in the IT room. You can’t just walk away from that.” You know what's so great about this? On the Settlement Agreement attached (Ex. A), ZERO APPEARANCE by a certain Mr. Tenreiro. In all fairness to him though, he has been dealing with a massive temperature regulation problem in the IT room. You can't just walk away from that. — Fred Rispoli (@freddyriz) May 8, 2025 We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Rispoli’s comment, which includes a sarcastic reference to an IT-related distraction, highlights Tenreiro’s absence from the SEC’s latest filing. Tenreiro played a central role throughout much of the SEC’s litigation against Ripple and its executives, particularly in earlier phases of the case concerning XRP’s legal classification and related enforcement actions. His name not appearing on the settlement documents suggests a reduced role in the final negotiations or a broader shift in the SEC’s internal handling of crypto asset litigation. Case History and Appeal Timeline The joint letter also recounts the procedural background leading up to this request. After the August 2024 Final Judgment imposed a $125 million penalty on Ripple and included an injunction related to violations of the Securities Act of 1933, the Court later stayed enforcement of the monetary penalty in September 2024. Ripple was ordered to deposit the penalty into an interest-bearing account pending appeal. The appeals remain active in the Second Circuit under cases Nos. 24-2648 and 24-2705(XAP), with the SEC and Ripple having filed respective notices of appeal and cross-appeal in October 2024. Proposed Resolution and Next Steps According to the settlement terms described in the May 8 filing, $50 million would be paid to the SEC in satisfaction of the penalty, and the rest returned to Ripple. This agreement effectively resolves the monetary penalty dispute contingent upon the Court’s approval. The final disposition of the matter now depends on whether Judge Torres will issue the indicative ruling the parties seek. The case has been closely monitored due to its implications for digital asset regulation and enforcement in the United States. Rispoli’s comment, while humorous, underscores attention on personnel developments at the SEC as the agency appears to move toward concluding one of the most significant enforcement actions in the crypto sector to date. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post XRP Case: Legal Expert Reveals “What’s So Great” About SEC-Ripple Settlement Agreement appeared first on Times Tabloid .
