There has been a new development in the long-running case between Ripple and the U.S. Securities and Exchange Commission (SEC). The $50 million settlement request submitted by both parties was rejected by Judge Analisa Torres on procedural grounds. Judge Torres denied the parties’ motion for an indicative ruling, finding it “procedurally flawed,” according to attorney James K. Filan. Torres said he had no jurisdiction to intervene in the case at this time because the appeals process is ongoing, and that he would deny the motion even if the court were to remand jurisdiction. The parties filed a motion under Federal Rule of Civil Procedure 62.1, which is used when a case is on appeal. However, since the essence of the motion was to overturn a previously issued final judgment, it should have been filed under Rule 60. In other words, Ripple and the SEC did not file under the correct rule. Moreover, they did not provide any justifications supporting such requests, such as “extraordinary circumstances.” “Today’s decision does not change anything Ripple has won (such as the ruling that XRP is not a security). This is merely a procedural matter regarding Ripple’s withdrawal of its cross-appeal. Ripple and the SEC are in full agreement to end the case and will revisit this matter with the court,” Ripple Chief Legal Officer Stuart Alderoty said in a statement. Related News: Previous Bitcoin Cycles Analyzed, New Peak Emerges for BTC Price - Pay Close Attention to This Level The joint agreement request included: Ripple’s $125 million fine reduced to $50 million Cancellation of the injunction against possible future violations Remaining funds returned to Ripple End of all appeals There are three possibilities for Ripple: Resubmit the claim with the correct legal rule (Rule 60) Splitting the demands and asking for only the fine to be reduced Continuing the appeal process and waiting for the final decision For now, Ripple remains liable for the $125 million fine, and the previously issued injunction remains in effect. *This is not investment advice. Continue Reading: Ripple-SEC Settlement Faces Legal Hurdle: Judge Rejects Settlement – What’s Next for XRP?
