Judge Analisa Torres has denied the second joint request from Ripple and the SEC to amend the penalty, maintaining the original ruling.
Denial of Penalty Amendment
Recently, Judge Analisa Torres denied the second joint request from Ripple and the SEC regarding amending the penalty for violations of securities laws. Both parties had earlier submitted a request to lift the standing injunction requiring Ripple to comply with federal laws.
Need for Original Court Ruling
The original ruling remains unchanged, as the parties failed to demonstrate sufficient reasons for alteration. The judge noted that Ripple had already violated securities laws, and there is a likelihood of further misconduct. The original ruling serves not only to penalize Ripple but also to protect public interest.
SEC’s Changing Position on Crypto Industry
Meanwhile, it is noteworthy that the SEC’s stance towards the crypto industry has shifted with the appointment of pro-crypto leaders. In June, SEC announced additional new staff appointments with experience in the cryptocurrency and blockchain sector, including Jamie Selway as director of trading and markets.
Thus, the judge's decision stands firm, while the SEC continues to adapt to the changing cryptocurrency landscape.
