New twist in the Ripple and Securities and Exchange Commission (SEC) case in the USA, with federal judge Analisa Torres blocking the new agreement. The request to reduce the civil penalty to 50 million dollars for Ripple has been revoked, because the proposed agreement does not meet the legal standards to modify the final judgment.
Ripple-SEC news: revoked the request to reduce the penalty to 50 million dollars
Judge Analisa Torres rejected the joint request of the Securities and Exchange Commission (SEC) of the USA and Ripple, on the case concerning XRP.
Judge Torres rejected the request for an indicative ruling submitted by the parties. If jurisdiction were restored in this Court, the Court would deny the parties’ motion as procedurally improper.
In practice, the proposed Ripple-SEC agreement asked the Court to reduce the civil penalty of 125 million dollars against Ripple to 50 million dollars.
On May 15, the federal judge decided to revoke that request, determining that the proposed agreement does not meet the legal standards to modify the final judgment.
Specifically, Judge Torres deemed the motion procedurally improper, stating that it should have been filed under Rule 60, which applies to requests to vacate a final judgment and requires the demonstration of exceptional circumstances.
Ripple-SEC news: the historic agreement blocked by the federal judge
The historic agreement between Ripple and the SEC had arrived just a week ago, representing for many the end of their long legal dispute.
In fact, the agreement had been filed with the court of the Southern District of New York and provided for the payment of a fine of 50 million dollars by Ripple, pending final approval by the judge.
This amount drastically reduces the initial penalty of 125 million dollars, imposed in 2023 by Judge Analisa Torres, and also compared to the almost 2 billion dollars originally requested by the SEC.
In this regard, on the X profile of Brad Garlinghouse, CEO of Ripple, the comment of Ripple’s Chief Legal Officer, Stuart Alderoty, was shared, who writes the following:
Nothing in today’s order changes Ripple’s victories (i.e., XRP is not a security, etc.). These are procedural issues related to the dismissal of Ripple’s cross-appeal. Ripple and the SEC are fully in agreement to resolve this case and will review the matter with the Court, together.
In fact, in July 2023, it was Judge Torres who issued a ruling, in which it is clear that XRP is not a security.
`html Price of XRP `
At the time of writing, XRP is worth $2.42, recording a price drop of -3.30% in the last 24 hours.
The fourth cryptocurrency with its 141.92 billion dollars of market capitalization, has always remained in the top 10 cryptocurrencies, despite this long lawsuit against the government agency.
The price of XRP, however, saw its release starting from last November 2024, in the midst of the election campaign. At the end of January 2025, instead, XRP reached its ATH – or All-Time High or historical price maximum above $3.
Recently, Morgan Stanley, one of the most influential investment banks in the world, spoke about XRP defining it as a possible revolution in the payments sector. Specifically, the financial institution sees XRP as an alternative to the SWIFT system, widely used in cross-border transactions.
