Judge Analisa Torres denied the joint motion filed by the SEC and Ripple. This motion sought to lift a prior injunction and release $50 million from a $125 million deposit that Ripple was to pay to the SEC as a civil penalty, returning the rest of the funds to Ripple.

Judge Torres ruled that the request did not meet the procedural requirements set forth in Rule 60 of the Federal Rules of Civil Procedure. The legal director of #Ripple indicated that they will refile a compliant request.

Legal experts suggest that both parties must provide detailed justifications for the agreement under Rule 60, including the SEC's justification for dropping other charges. The entire process is expected to take an additional 3 to 5 weeks. The judge emphasized that the dismissal was solely due to procedural issues and did not involve a review of the merits of the agreement.

In summary, Judge Torres did not approve the joint request from the SEC and Ripple due to errors in the legal procedure used. This means that the prior injunction and the $125 million fine remain in place for the time being, and the case continues its legal course.