Judge Rejects Combined Plea From Ripple and SEC to Settle Their Protracted Legal Dispute Concerning XRP
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Ripple's Constitutional Smackdown
In a shocking turn of events, Judge Analisa Torres of the U.S. District Court rejected a petition by Ripple and the SEC to lift the $125 million civil penalty and reduce it to a "mere" $50 million. Torres, seemingly unimpressed with the joint plea, stated that the burden to prove exceptional circumstances is yet to be met. Ouch!
The SEC, ever eager to walk back crypto enforcement actions since Trump became president and Gary Gensler said sayonara, didn't even bother mentioning Rule 60 in their motion. Talk about a brain freeze!
Back when Ripple first met the SEC's wrath in late 2020, it was on account of selling XRP like a hotcake without registering it as a security. In 2023, Judge Torres ruled that Ripple's automated, open-market sales of XRP were not security offerings, but she did side with the SEC on XRP's direct sales to institutional buyers, which she deemed were indeed securities offerings.
Last August, Torres socked Ripple with a $125 million civil penalty. Both parties appealed, but looks like their fate is still sealed for now.
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