Judge Analisa Torres denied a joint motion by Ripple and the SEC that maintains the original penalties and restrictions on XRP sales.
Denial of Joint Motion
On June 26, 2025, Judge Analisa Torres denied a joint motion filed by Ripple and the SEC requesting a modification of the final judgment in their case. The request sought to reduce Ripple's $125 million civil penalty to $50 million and lift the permanent injunction against institutional XRP sales. The judge stated that the parties failed to establish 'exceptional circumstances' needed to alter a final judgment under Rule 60.
Settlement Status and Its Implications
The settlement reached in April-May 2025 is now at risk. Although Ripple agreed to pay $50 million to the SEC, the implementation of this agreement is subject to court approval. The judge's ruling effectively delayed the realization of the settlement. Additionally, the appeals process has been paused until August 15, 2025, by which time both parties are required to file a status report.
Industry Reaction and Market Consequences
The industry reacted with concern to the ruling. Pro-XRP lawyer Bill Morgan referred to the ruling as a 'procedural setback' but clarified that the settlement agreement itself remains intact. Analysts emphasize that the judge's decision could significantly impact the market and potentially undermine institutional investor interest in XRP, amid existing sources of uncertainty.
The judge's denial of the motion reflects uncertainties and risks for the future of XRP assets. The market remains pressured, and as the litigation continues, investors may face limited opportunities.
