Judge Rejects Ripple-SEC $50 Million Settlement Bid Over Procedural Issues
U.S. District Judge Analisa Torres has rejected a joint request by Ripple Labs and the Securities and Exchange Commission (SEC) seeking approval of a proposed $50 million settlement.
In her ruling issued Thursday, Judge Torres stated that the motion was improperly filed, as the case is currently under appeal and thus outside her jurisdiction. She described the request as “procedurally improper” and noted that even if she had the authority to consider it, the request did not satisfy the legal standards necessary to modify a final judgment.
The original lawsuit, initiated in December 2020, alleges that Ripple raised $1.3 billion through unregistered sales of XRP tokens.
Ripple’s Chief Legal Officer, Stuart Alderoty, responded on X, emphasizing that the judge’s decision did not alter Ripple’s prior legal victories. He explained that the ruling pertained solely to procedural issues related to the dismissal of Ripple’s cross-appeal.
Alderoty added that Ripple and the SEC remain aligned in their goal to resolve the case and intend to revisit the settlement discussions with the court.
