On June 26, 2025, U.S. District Judge Analisa Torres denied the joint motion filed by Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC).
Background of the Legal Dispute
The legal dispute between Ripple Labs and the SEC began in December 2020 when the SEC sued Ripple. The SEC alleged that Ripple violated the Securities Act of 1933 by offering and selling XRP without proper registration as a security. The SEC's claims were based on Section 5 of the Securities Act, which requires entities that offer or sell securities to register those securities with the SEC.
Details of the Joint Motion
In March 2024, the SEC filed a motion requesting a permanent injunction to prevent Ripple from further violating Section 5 of the Securities Act. Following further litigation, both Ripple and the SEC jointly filed a motion requesting an indicative ruling from the court. Judge Torres’s recent order explicitly states that this joint motion is denied, meaning there will be no change to the existing injunction or financial penalty unless further legal action modifies those terms.
Conclusion of the Ruling
In the formal conclusion of the order, Judge Torres wrote, 'For the foregoing reasons, the parties’ motion for an indicative ruling is DENIED.' The judge also directed the Clerk of Court to officially close the motion. This decision reaffirms the court's previous stance on the case's remedies and penalties.
The court's denial of the joint motion highlights the consistency of earlier decisions. Key aspects of the case remain unchanged until future court decisions.
