Judge Rejects SEC and Ripple's Bid to Rework XRP Settlement
By: decrypt|2025/05/16 11:15:06
0
Share
Judge Rejects SEC and Ripple's Bid to Rework XRP Settlement U.S. District Judge Analisa Torres said Thursday that even if she had jurisdiction, she would still deny the motion as “procedurally improper.” In brief A federal judge denied SEC-Ripple settlement due to procedural errors in their joint filing. The proposed deal would have reduced Ripple's fine from $125 million to $50 million, ending a 4-year legal battle. Both parties remain committed to resolution despite the setback, with XRP trading at $2.42. Decrypt’s Art, Fashion, and Entertainment Hub. A federal judge has denied a joint bid by the SEC and Ripple Labs to approve their settlement , citing procedural errors just weeks after both sides agreed to drop their appeals and end a four-year legal battle. U.S. District Judge Analisa Torres said Thursday that even if she had jurisdiction, she would still deny the motion as “procedurally improper.” The SEC and Ripple had filed for an indicative ruling, a non-binding signal from the court that it would accept a deal dissolving Ripple’s injunction and reducing its $125 million fine to $50 million. Such rulings are used when a case is on appeal and the trial court no longer has authority to act. In this instance, jurisdiction rested with the Second Circuit, where both parties filed cross-appeals after the final judgment in August 2024. Last month, Ripple Labs and the SEC jointly filed a request to the Second Circuit to suspend those appeals as they “pursue a negotiated resolution” of their case. The filing also confirmed that the SEC would drop its October appeal. However, the Second Circuit has not yet ruled on that request. But the recent filing to Judge Torres bypassed Rule 60 of civil procedure, which governs relief from final judgments, and failed to demonstrate the “exceptional circumstances” required under that standard. “The parties have made no effort to satisfy that burden here; their request does not even mention the Rule,” Torres wrote in the May 15 order. Decrypt has reached out to Ripple for comment and will update the story if and when a response is received. The lawsuit dates back to December 2020, when the SEC accused Ripple of raising $1.3 billion through unregistered XRP sales. In July 2023, Judge Torres ruled that institutional sales violated securities laws but that exchange-based retail sales did not, triggering a ray of optimism in the crypto industry. Since Donald Trump’s return to office, the SEC under leadership of former acting chair Mark Uyeda has scaled back crypto enforcement. Lawsuits against Coinbase , Kraken , and many others have been dropped, and new SEC Chair Paul Atkins , confirmed by the Senate last month, is expected to take a far more lenient stance than former chair Gary Gensler. In its last week announcement, the SEC formally confirmed the $50 million deal. Ripple will pay the reduced fine, with the remaining $75 million in escrow returned to the company. “Nothing in today’s order changes Ripple’s wins,” Ripple CLO Stuart Alderoty tweeted following the Judge’s order. “Ripple and the SEC are fully in agreement to resolve this case and will revisit this issue with the Court, together.” XRP , which has surged over 366% for the past year, was down 1.6% on the day, trading at $2.42, according to CoinGecko data. Edited by Stacy Elliott . Daily Debrief Newsletter
You may also like
Raising interest rates to protect STRC and selling coins to maintain credit, this time the strategy has chosen the two most expensive paths
The rebound in BTC prices can make all problems simple.
Morning Report | Samsung announces a 265.5 trillion won investment plan, focusing on semiconductor and AI computing power data centers; Vitalik publishes an article detailing the entire technology tree behind the confusion protocol (iO) mainline
Overview of Important Market Events on June 29
In the era of AI, what is left of Bitcoin?
AI can generate a fake image, create a fake video, and even forge a person's voice. But it cannot make the entire Bitcoin network acknowledge a non-existent transaction out of thin air.
NeoSoul announced plans to integrate with the OKX Agentic Wallet, promoting AI agents' participation in the on-chain economy
After the integration is complete, the AI entity will be able to manage on-chain assets, pay service fees, and perform related on-chain operations.
Why Is Bitcoin Lagging Stocks in 2026? AI Stocks, ETF Outflows, and the Nasdaq Rally Explained
Stocks are hitting record highs while Bitcoin continues to lag. Discover why AI stocks are attracting institutional capital and what it means for crypto traders.
What you bought on CEX is really not US stocks: Analyzing the 94% liquidation monopoly and the evaporation of equity under a five-layer pipeline
Peeling back its smooth trading interface to examine the underlying legal relationships and settlement processes, you will find that this is far from a simple "RWA asset revolution," but rather a complex game of interests involving spot pricing, rights ownership, and the monopoly of underlying custo...
In such a crowded cross-border payment arena, where is the next stop for the future?
Only by stepping into the mud can one have the chance to touch gold.
Why Is Bitcoin Down in 2026? What We Can Learn From 2022
Why is Bitcoin down in 2026? Bitcoin has just recorded its worst first half since 2022, with back-to-back quarterly losses, record ETF outflows, and extreme fear. Here's what history says, how 2026 differs from the last bear market, and the three signals traders should wat
The large models in the United States are moving towards closure in the name of security
The government successfully inserted itself as an approver between commercial AI models and their users for the first time.
From the white-haired stock god to the billionaire fund mogul, the smart people shorting Nvidia are all getting rich using the same framework
Give up on heavily investing in Nvidia's "nine major bottlenecks"! This article analyzes the underlying logic behind top AI investors making billions: physical infrastructure such as electricity, HBM, and optical interconnects are the true keys to wealth in AI hardware.
Morning Report | CoinEx becomes a key hub for Iran to evade sanctions, involving over $3.8 billion in funds; Kalshi seeks a new round of financing, with a valuation potentially rising to $40 billion
Overview of Important Market Events on June 25
Global Launch: As predictions become the most scarce asset in the AI era, Manadia is defining the next generation of the value internet
The trusted AI prediction ecosystem Manadia, which has secured $7 million in funding from well-known institutions like OKX, will globally launch in June. The core token UMXM has already been listed on multiple mainstream platforms, inviting you to seize the new blue ocean of the trillion-level predi...
Why do cryptocurrency projects always like to change their names?
In many cases, the old names of encryption projects have no competitive advantage, only historical baggage.
Who is footing the bill for the $64 billion accounting frenzy?
Affected by Bitcoin falling below $60,000, publicly listed companies heavily invested in this asset are facing huge paper losses and valuation discounts, and their debt structure and accounting standards may trigger structural liquidity risks in the future.
I never expected that the first application of AI x Crypto would be in security auditing
AI has accelerated attack efficiency and also promoted the upgrade of defense systems. The security audit sector is undergoing a transition from a dividend model to a competitive model.
What is your view on Binance's competitive advantages?
When the dividends of rule arbitrage gradually approach zero, can we produce product strength, governance capability, and trust that are commensurate with its scale?
ETH has entered a non-consensus phase, and the turning point is approaching!
This has nothing to do with the Ethereum Foundation or Ethlabs; Ethereum needs to win by solving real problems.
The shift in the cloud of the air: from despising stablecoins a year ago to the high-profile entry of capital today
It can continue to question the cost-effectiveness of stablecoins in the G10 currency corridor, but it cannot ignore the structural opportunities of stablecoins in emerging markets, corporate finance, and on-chain settlements.
Raising interest rates to protect STRC and selling coins to maintain credit, this time the strategy has chosen the two most expensive paths
The rebound in BTC prices can make all problems simple.
Morning Report | Samsung announces a 265.5 trillion won investment plan, focusing on semiconductor and AI computing power data centers; Vitalik publishes an article detailing the entire technology tree behind the confusion protocol (iO) mainline
Overview of Important Market Events on June 29
In the era of AI, what is left of Bitcoin?
AI can generate a fake image, create a fake video, and even forge a person's voice. But it cannot make the entire Bitcoin network acknowledge a non-existent transaction out of thin air.
NeoSoul announced plans to integrate with the OKX Agentic Wallet, promoting AI agents' participation in the on-chain economy
After the integration is complete, the AI entity will be able to manage on-chain assets, pay service fees, and perform related on-chain operations.
Why Is Bitcoin Lagging Stocks in 2026? AI Stocks, ETF Outflows, and the Nasdaq Rally Explained
Stocks are hitting record highs while Bitcoin continues to lag. Discover why AI stocks are attracting institutional capital and what it means for crypto traders.
What you bought on CEX is really not US stocks: Analyzing the 94% liquidation monopoly and the evaporation of equity under a five-layer pipeline
Peeling back its smooth trading interface to examine the underlying legal relationships and settlement processes, you will find that this is far from a simple "RWA asset revolution," but rather a complex game of interests involving spot pricing, rights ownership, and the monopoly of underlying custo...
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com
