In the ongoing XRP lawsuit, Judge Analisa Torres denied a joint motion filed by Ripple Labs and the U.S. Securities and Exchange Commission (SEC) to modify penalties.
Court Rejects Motion to Modify XRP Judgment
Judge Analisa Torres rejected the joint motion of Ripple and the SEC, where they sought to lift the permanent injunction on XRP sales to institutional investors in the U.S. and to reduce the financial penalty from $125 million to $50 million. The court determined that the parties did not present 'exceptional circumstances' to alter the final ruling issued in August 2024.
Ripple and SEC's Motion for Reconsideration
Ripple and the SEC filed the joint motion under Rule 60(b), allowing for reconsideration of final judgments only in rare and justified cases. In their case, they noted that the recent settlement agreement and the SEC's change in enforcement strategy warranted a reevaluation of the prior ruling.
Court's Decision and Its Consequences
The judge emphasized that final judgments must be treated with seriousness and cannot be altered without sufficient grounds. She pointed out that having a settlement agreement does not guarantee changes to court rulings. Therefore, both the original fine and the injunction against XRP sales remain in effect.
The court's decision reaffirms Ripple's difficulties with U.S. legislation and highlights the need for compliance with regulatory standards in cryptocurrency sales.
