Judge Torres rejects Ripple-SEC motion to lift XRP injunction and cut civil penalty
Court cites procedural flaws and failure to show public interest in proposed deal
Legal experts expect revised motion, new brief required before case returns to appeal
U.S. District Judge Analisa Torres has denied a joint request from Ripple Labs and the Securities and Exchange Commission (SEC) that aimed to change XRP case terms in their ongoing legal case.
The motion, which was originally filed on May 8, sought to remove a permanent injunction on Ripple’s institutional XRP sales and reduce the company’s civil penalty from an initial $125 million down to $50 million.
Judge Torres, however, issued a court order on May 15 rejecting this proposal. Her decision cited procedural deficiencies and a failure by the parties to adequately justify how the proposed changes would serve the public interest.
The SEC’s attempt to renegotiate settlement terms comes after leadership changes within the agency, including the resignation of former Chair Gary Gensler.
#XRPCommunity #SECGov v. #Ripple #XRP Judge Torres has denied the parties’ motion for an indicative ruling. “…
The post XRP Case Setback: Ripple-SEC Joint Motion Fails to Clear Court’s Procedural Bar appeared first on Coin Edition.
