Judge Torres Shuts Down Ripple-SEC Bid, $125M Penalty Stand
The post Judge Torres Shuts Down Ripple-SEC Bid, $125M Penalty Stand appeared on BitcoinEthereumNews.com.
US court has upheld the full $125 million penalty in Ripple-SEC Case, rejecting the joint bid to reduce fines and lift the injunction imposed on it. Final ruling is unchanged, as Judge Torres finds no strong justification to alter earlier decision on Ripple’s XRP sales. The Ripple-SEC case has taken another turn as a U.S. judge declined a joint effort by the firm and the Securities and Exchange Commission to overturn key parts of an earlier ruling. Notably, both parties aimed to dissolve an existing injunction on Ripple’s institutional XRP sale. Additionally, the court ruled in favor of upholding the original decision. Court Retains Ripple vs. SEC Ruling In a recent update, we covered that Ripple and the SEC are now teaming up to revise the penalty terms Judge Torres imposed. However, Judge Analisa Torres, presiding over the matter in the Southern District of New York, issued a formal rejection of the motion filed by both Ripple and the SEC. It is worth noting that their request asked the court to allow Ripple to pay a reduced penalty of $50 million. At the same time, the duo sought to have the court lift the ban on its institutional XRP sales. The remaining funds, as proposed, would have been returned to Ripple. However, the court was not convinced by the arguments presented. Judge Torres noted that the reasoning behind the original decision remained unchanged. The initial concerns raised by the SEC about Ripple’s possible future violations of federal laws had not been adequately addressed by either party. As a result, the court saw no strong basis for modifying its judgment. Additionally, in their motion, the two parties also referred to other crypto-related enforcement cases where the SEC had recently dropped legal actions. However, those examples did not influence the court’s stance. …
