Ripple CLO Says Legal Victory Is Sealed, XRP Is Not a Security

In a recent legal development, Judge Analisa Torres of the United States District Court for the Southern District of New York has denied the joint motion filed by the U.S. Securities and Exchange Commission (SEC) and Ripple Labs for an indicative ruling. 

Despite this procedural setback, Ripple’s Chief Legal Officer, Stuart Alderoty, reassures the community that Ripple’s previous victories remain intact and that XRP is not a security. This article delves into the court’s decision, the implications for Ripple, and the broader impact on the cryptocurrency community.

Court Denies Joint Motion for Indicative Ruling

On May 15, 2025, Judge Torres issued an order denying the joint motion submitted by the SEC and Ripple Labs, which requested an indicative ruling under Federal Rule of Civil Procedure 62.1. The motion sought the court’s guidance on dissolving the injunction prohibiting Ripple’s unlawful offer and sale of securities and reducing the civil penalty imposed on Ripple from $125 million to $50 million.