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Ripple

Judge Torres Rejects Motion In SEC Vs Ripple—What Are The Consequences?

Ronaldo Marquez
by Ronaldo Marquez
4 months ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant legal blow to Ripple Labs, a federal judge has rejected a joint request from the company and the US Securities and Exchange Commission (SEC) to finalize a $50 million settlement in their ongoing legal dispute. 

This unexpected ruling by Judge Torres could complicate the regulatory landscape for Ripple, which has been embroiled in a contentious battle with the SEC over its business practices over the past years.

Judge Rejects Ripple-SEC Settlement

As reported by Bitcoinist last week, the proposed settlement was intended to address a civil penalty of $125 million levied against Ripple in a final judgment issued on August 7, 2024. 

Related Reading: Coinbase’s $2.9 Billion Deribit Purchase Sparks Interest In Future Acquisitions, Says CEO

Under the terms of the agreement, Ripple aimed to pay $50 million to the SEC, which would partially satisfy the penalty. The remaining funds were to be returned to the blockchain payment firm, contingent upon the court agreeing to dissolve an injunction that had been imposed on the blockchain payment firm. This injunction has significant implications for Ripple’s operations and future prospects.

However, Judge Torres denied the request, highlighting procedural missteps made by both parties. According to legal expert commentary on X (formerly Twitter), the judge indicated that Ripple and the SEC had filed their request under the incorrect legal framework. 

They utilized Rule 62.1, which is appropriate for cases currently on appeal. In contrast, their actual request involved vacating a final judgment, which would require filing under Rule 60. This distinction is critical, as Rule 60 is designed for more serious legal actions, particularly those seeking to erase existing injunctions.

Options To Address $125 Million Penalty

The judge’s ruling underscores the gravity of the situation; courts are generally reluctant to overturn final rulings, even with mutual agreement between the parties. 

Judge Torres noted that the request lacked arguments for “exceptional circumstances,” a standard necessary for such legal relief. The absence of these arguments, and the failure to cite Rule 60, ultimately led to the rejection of the settlement.

Related Reading: US Senators Working To Revive Failed Stablecoin Bill With Bipartisan Push – Report

So, what are Ripple’s next steps? The company has several options moving forward. It could refile its request under the correct legal rule, providing a robust justification for the dissolution of the injunction. 

Alternatively, Ripple might choose to split the request by modifying the fine while leaving the injunction in place. Finally, the company could opt to proceed with its appeal, risking the potential for further legal complications.

With this setback, Ripple’s legal battle is far from over. The company still faces a substantial $125 million penalty, and the injunction remains in effect. Meanwhile, the SEC’s case against Ripple continues to be active, leaving the future of the blockchain payment firm uncertain.

Ripple
The daily chart shows XRP’s price retrace toward $2.4. Source: XRPUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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