A new development in the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has occurred. Judge Analisa Torres denied the joint request from Ripple and the SEC for a declaratory judgment to advance their settlement plan.
The reason for the denial was due to the request not adhering to the proper legal procedure. On May 8, 2025, this motion sought to lift the ban on Ripple selling XRP in violation of the law and to reduce the penalty from 125 million USD to 50 million USD. However, the judge found that the parties did not meet the necessary legal requirements.
The lawsuit began in 2020 when the SEC sued Ripple for selling XRP as an unregistered security. In 2024, Ripple faced severe penalties, and both parties have appealed. While the appeals are ongoing, both sides agreed to settle. According to the plan, they signed the agreement and requested to pause the appeals, but were denied by the court for not complying with Rule 60 regarding changes to final decisions.
After this decision, lawyer Bill Morgan explained how the settlement process must proceed. The agreement has been signed, the appeal has been paused, and the request for a declaratory judgment has been denied. This leads to obstacles in the settlement process.
Ripple's legal director, Stuart Alderoty, asserted, "Today's decision does not change Ripple's victory (e.g., XRP is not a security, etc.). This is merely a procedural issue regarding the dismissal of Ripple's appeal statement. Ripple and the SEC agreed to resolve this case and will jointly review the matter with the court."
Ripple and the SEC must decide to amend the legal record or find an alternative approach.
Source: https://tintucbitcoin.com/ripple-va-sec-lai-ra-toa-sau-thoa-thuan-50-trieu-usd-bi-tu-choi/
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