Why the Ripple vs SEC Case Matters
The main issue in the Ripple vs SEC update today is whether a joint settlement can trump a final judgment to eliminate the permanent injunction and reduce penalties. The court said under the Federal Rules of Civil Procedure revising a final judgment requires “extraordinary circumstances.” Neither the SEC nor Ripple showed such grounds, so the request was procedurally improper and against the public interest.
Judge Torres’s ruling says judicial decisions serve the broader legal community, not just private parties. Her quote invokes Supreme Court precedent:
A final judgment … belongs ‘to the legal community as a whole’ and ‘should stand unless … the public interest would be served by a vacatur.’”