Top Manhattan Judge shreds the mutual motion to pieces, dismissing any chance of the $125M penalty reduction.
Ripple & the U.S. Securities and Exchange Commission (SEC) will have to wait longer in order to solve the 6-year long case over XRP sales as allegedly unregistered securities. In spite of both battling parties reaching an agreement to settle for $150 million XRP in escrow, the Southern New York District Judge’s latest denial screams “not so fast”.
Ripple vs. SEC Case Drags, Judge Slams Brakes On Motion
Indeed, The Manhattan Judge Analisa Torres was strict in her latest court order, denying the request to dissolve “the Court’s permanent injunction ordering Ripple to obey the law” & even cut the initially imposed $125 million fine for Ripple by more than a half.
This comes just two weeks after Ripple & SEC joined forces to file a motion for an indicative ruling after Judge Analisa Torres deemed the legal procedures in this high-profile case “improper”.
Ultimately, the NY Judge cited a Supreme Court ruling, hinting that the case judgement requires extraordinary circumstances for the case to be closed in the way both Ripple & SEC desire. On top of that, the legal document argues that previously SEC has made a strong case against Ripple Labs, calling the largest financial regulator’s arguments for peace “out of place”.
Meanwhile, Ripple, the issuer of XRP token, has penned a supplemental legal letter declaring willingness to be regulated by securities laws regardless. However, this might not help get the case injunction, as Judge Analisa Torres said both parties should drop their appeals if they really want the high-profile case settled once and for all.
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