๐จ Another Bold Ruling by Judge Torres in Ripple v. SEC โ XRP Legal Chief Speaks Out
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In a surprising twist, Judge Analisa Torres of the Southern District of New York has denied a joint request from both Ripple and the SEC to lift the permanent injunction in their ongoing legal battle โ a move that could have allowed Ripple to slash its $125 million fine.
๐ Judge Torres held firm, stating the SECโs prior stance โ that Ripple is likely to continue violating the law โ remains uncontested. โThat hasnโt changed,โ she noted, โand neither party has argued otherwise.โ Despite citing public interest, both Ripple and the SEC sought to reduce the penalty by 60% and modify the injunction terms.
Under the proposal:
$50M of the remaining $75M wouldโve gone back to the SEC
$25M wouldโve returned to Ripple
โ๏ธ This legal saga began in 2020 when the SEC accused Ripple of raising $1.3B through unregistered securities. Judge Torres made waves in July 2023 by ruling that XRP's programmatic sales were not securities, but direct institutional sales were โ leading to Rippleโs current penalty.
Ripple CEO Brad Garlinghouse claimed the case was essentially over in March after the SEC dropped its appeal. Yet, the final negotiations over the penalty continue.
Judge Torres emphasized:
> โParties canโt override the courtโs binding rulings by mutual agreement. Only exceptional public interest can justify such a change โ and this isnโt one of those cases.โ
๐ The SEC declined to comment.
๐ฃ๏ธ Rippleโs Legal Director Stuart Alderoty responded on X:
> โThe ball is now in our court.โ
He outlined their options:
1. Withdraw the appeal concerning institutional sales
2. Move forward with the appeal
Alderoty also reaffirmed:
โ XRP is still not considered a security for retail sales.