According to Cointelegraph, a U.S. court has rejected the settlement proposal between Ripple and the SEC regarding XRP, but Ripple's legal head stated that this does not affect the company’s chances of winning. Judge Analisa Torres of the Southern District of New York rejected the joint motion from Ripple and the SEC on May 15, citing procedural impropriety. Ripple's legal head, Stuart Alderoty, emphasized that the rejection was unrelated to whether XRP is a security, but only involved procedural issues. Court documents show that the SEC and Ripple did not submit the proper procedural motions to support the settlement proposal. The Ripple community is requesting further clarification on the procedural issues. Ripple and the SEC have agreed to reduce the court's $125 million fine, with the SEC retaining $50 million of that amount.

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