Justice denies Ripple and SEC lifting his demand
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The judge of the case argues that both parties have no authority to alter a court order.
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After the departure of Gensler, the SEC has abandoned several litigation against cryptocurrency signatures.
Judge Analisa Torres, of the Southern District Court of New York, today rejected the joint request of Ripple and the United States Stock Exchange and Securities Commission (SEC) to cancel a court order previously issued by the agency within the framework of its prolonged legal conflict.
The decision responds to a joint motion that sought to cancel the court order against Ripple and reduce the finely imposed fine. The proposal proposed that the SEC received 50 million of the stipulated $ 75 million, while the remaining 25 million would be returned to the company.
However, the judge was sharp by pointing out that the conditions that motivated the original court order have not changed, and questioned the fact that both Ripple and the SEC now affirm that its elimination responds to the public interest. According to the law specialist, previously both parties defended the need for a firm measure to prevent future violations of the law.
As Cryptonotics reported, the change of will of the SEC towards Ripple came framed in a new regulatory reality. Since the departure of its former president Gary Gensler in January, the agency has set aside several investigations and charges against companies in the sector, and has created a working group to redefine its approach to digital assets.
However, Judge Torres stressed that These changes are not enough to leave a judicial ruling without effect based on the alleged violation of a Congress Law. “The parties have no authority to agree to each other that a final sentence is without effect,” he warned.
The conflict between Ripple and the SEC began in 2020, when the agency accused the company of raising $ 1.3 billion through the sale of the Token XRP, without registering it as value. In 2023, the judge ruled that the programmatic sales of the asset did not violate the regulations, but he considered direct sales to institutional investors, which resulted in a fine of 125 million dollars.
Although Ripple considered the closed conflict after the withdrawal of an appeal by the SEC in March, the most recent ruling evidence that the case is not yet completely resolved.
It should be noted that, just a month ago, Judge Torres had already rejected a conciliation agreement filed between Ripple and the SEC. On that occasion, the magistrate described the application as “procedurally improper”, which temporarily stopped the attempts of both parties to solve the pending points of the litigation.
