🚨 XRP HOLDERS: Ripple Responds to Judge Torres' Denial of Settlement MotionX
In a recent development, U.S. District Judge Analisa Torres denied the joint motion filed by Ripple and the SEC for an indicative ruling to modify the existing injunction and reduce Ripple's civil penalty from $125 million to $50 million. The court found the motion procedurally improper, stating that it did not meet the requirements under Rule 60, which necessitates proof of exceptional circumstances to alter a final judgment. U.Today+3TheStreet+3Yahoo Finance
Ripple's Response:
Stuart Alderoty, Ripple's Chief Legal Officer, addressed the court's decision, emphasizing that the denial was based on procedural grounds and did not affect the substantive aspects of the case. He stated:
"Nothing in today’s order changes Ripple’s wins (i.e., XRP is not a security, etc). This is about procedural concerns with the dismissal of Ripple’s cross-appeal. Ripple and the SEC are fully in agreement to resolve this case and will revisit this issue with the Court, together."
Market Impact:
Following the court's decision, XRP's price experienced a decline, dropping to approximately $2.3551.
Next Steps:
Legal experts suggest that Ripple and the SEC may refile their motion, addressing the procedural issues highlighted by Judge Torres. The parties would need to demonstrate that modifying the injunction and reducing the penalty align with the public interest and meet the criteria for altering a final judgment
