In an unexpected turn, Judge Analisa Torres has denied the joint motion of Ripple and the SEC to modify the final ruling of the XRP case. Both parties sought to reduce the civil penalty from $125 million to $50 million and lift the injunction imposed on Ripple. However, the court found the request to be 'procedurally improper,' as it did not comply with the Federal Rules of Civil Procedure governing petitions for relief against a final judgment.
This judicial setback does not alter Ripple's previous victories, including the determination that XRP sales in secondary markets do not constitute securities. However, it pauses the final resolution of the case, creating uncertainty in the market. The price of XRP has experienced a 4% drop in the last 24 hours, settling around $2.40.
Despite this setback, Ripple and the SEC have expressed their intention to file a new motion in accordance with the relevant regulations. The crypto community is watching closely, as the outcome of this case could set important precedents for the regulation of digital assets in the United States.
The final resolution will depend on both parties' ability to meet legal requirements and demonstrate that the proposed agreement does not harm the public interest. Meanwhile, the crypto ecosystem continues to evolve in a constantly changing regulatory environment.
#Ripple #XRP #SEC #CryptoNews #CryptoRegulation #BinanceLatam #FollowMeForMore
