SEC Seeks to Settle Legal Fight With Ripple Labs for $50 Million

The US Securities and Exchange Commission moved to settle a long-running legal battle against Ripple Labs Inc. as the regulator continues its about-face on crypto cases.

The SEC and the blockchain infrastructure company will jointly ask a federal court in Manhattan to dissolve an injunction against Ripple and release more than $125 million in civil penalties in an escrow account, according to a settlement agreement filed Thursday. Of that, $50 million would go to the SEC and the rest would be returned to Ripple, the SEC said.

The SEC said its decision to seek an end to the case ...