A significant development in the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) occurred when U.S. District Judge Analisa Torres denied a joint motion from both parties seeking to prematurely end the case and modify the penalties imposed.
Denial of Motion to Change Court Ruling
The judge denied the joint request from Ripple and the SEC to conclude the case early, which sought to dissolve a permanent injunction on XRP sales and reduce the $125 million civil penalty to $50 million.
Procedural Aspects of the Case
In her ruling, the judge referred to procedural shortcomings and the lack of compelling reasons for altering prior court decisions. She emphasized the importance of adhering to established legal standards, particularly Rule 60(b), which governs modifications of final judgments.
Consequences of the Court's Decision
This ruling effectively maintains the status quo, keeping both the injunction and the full penalty intact, signaling that the lawsuit will proceed through the normal legal process rather than an expedited settlement. The litigation, initiated in 2020, remains unresolved, with the denial marking a setback for both parties.
Judge Torres's decision reinforces the court's commitment to procedural rigor and the finality of legal judgments, affirming that any modifications to such rulings must meet stringent criteria.
