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Ripple-SEC Bid for XRP Settlement Rejected by Judge Citing 'Procedural Flaws'
Judge Analisa Torres rejected the proposed $50 million settlement, saying the joint request was filed improperly and lacked required legal justification.
What to know:
- A federal judge rejected a $50 million settlement proposal between Ripple Labs and the SEC, citing jurisdictional and procedural issues.
- The case, involving allegations of Ripple's unregistered XRP sales, is currently under appeal.
- Ripple's Chief Legal Officer stated that the order does not affect Ripple's previous legal victories and that both parties plan to address the issue together.
A federal judge has rejected a joint request by Ripple Labs and the U.S. Securities and Exchange Commission (SEC) to approve a proposed $50 million settlement.
In a ruling issued Thursday, U.S. District Judge Analisa Torres said the parties' motion was not only outside her jurisdiction, as the case is currently on appeal, but also “procedurally improper.”
STORY CONTINUES BELOW
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Even if she did have authority to act, Torres wrote, the request failed to meet the standards required for modifying a final judgment. The case is already under appeal
The lawsuit, first filed in December 2020, accused Ripple of raising $1.3 billion through unregistered XRP sales.
Meanwhile, Ripple Chief Legal Officer Stuart Alderoty said in an X post that "nothing in today’s order changed Ripple’s wins."
"This is about procedural concerns with the dismissal of Ripple’s cross-appeal. Ripple and the SEC are fully in agreement to resolve this case and will revisit this issue with the Court, together," he said.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
