Ripple-SEC Settlement Motion Denied Over Procedural Error
- SEC-Ripple settlement motion denied over procedural missteps.
- XRP price drops following the decision.
- Settlement prospects remain, pending procedural adjustments.
The denial of the settlement motion holds significant relevance for the ongoing SEC-Ripple lawsuit, affecting Ripple investors and potentially influencing regulatory practices.
Judge Analisa Torres denied a motion filed by Ripple and the SEC due to procedural errors, not the settlement terms. James Filan, a defense attorney, highlighted the court’s reliance on procedural grounds.
The main figures in the case include Judge Torres and defense lawyer James Filan , who relayed the ruling on social media.
Ripple’s civil penalty was potentially reducible from $125 million to $50 million, with unfulfilled terms including escrow releases.
Following the denial, XRP’s market value decreased, indicating investor concerns.
Judge Torres emphasized jurisdictional restoration issues, and the failure of the joint motion to meet federal procedural requirements .
Despite the setback, both parties may refile under proper rules, potentially restoring settlement measures. Historical precedents show protracted legal battles, suggesting Ripple’s long-term market implications.
Judge Analisa Torres, U.S. District Judge, – “Parties must demonstrate exceptional circumstances to vacate a final judgment, which the joint motion failed to do.” Source
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Judge Torres Denies Ripple and SEC Settlement Motion
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