The SEC settlement, filed in a New York court, vacates a previously ordered $125 million penalty and returns over $75 million to Ripple

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The SEC and Ripple filed a joint settlement letter in a New York court asking for the August 2024 injunction against Ripple to be dissolved and $75 million of the $125 million in civil penalties held in escrow to be returned to the crypto firm, according to a May 8 statement from the SEC.

District Court Judge Analisa Torres ordered Ripple to pay a $125 million fine last year. The SEC said that under the settlement agreement filed with the court Thursday, $50 million will go to the regulator, with the remainder of the escrow funds (just over $75 million) going back to Ripple. Judge Torres must approve the agreed-upon settlement.