Titled: The Present Impasse in the Ripple-SEC Saga
Ongoing Ripple-SEC legal battle: Judge Torres dismisses critical appeal?
Get the scoop on the latest twist in the Ripple-SEC case!
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In an unexpected turn of events, Judge Analisa Torres has dismissed the Ripple Labs and the SEC's joint request for a settlement motion, potentially setting back resolution efforts by several weeks.
Judge Torres' Objections
The Judge's decision was based on procedural blunders, as she stated,
"If jurisdiction were restored to this Court, the Court would deny the parties' motion as procedurally improper."
A week prior, Ripple Labs and the SEC requested Judge Torres to vacate a 2024 judgment and reduce the fine from $125M to $50M.
What Comes Next for the Ripple Lawsuit?
It's crucial to note that, during the Biden era, the SEC appealed Judge Torres' 2024 ruling on XRP transactions not qualifying as securities. In response, Ripple filed a cross-appeal to address several issues raised by the regulator and challenge the $125 million penalty.
Though the SEC withdrew its appeal in March, Ripple's cross-appeal remained active, necessitating an indicative ruling to push the resolution forward. An indicative ruling refers to a court's potential ruling on a motion within its authority.
Ripple's legal chief, Stuart Alderoty, clarified the situation, emphasizing,
"Nothing in today's order changes Ripple's wins (i.e. XRP is not a security, etc). This is about procedural concerns with the dismissal of Ripple's cross-appeal."
He further mentioned they would revisit the issue with the court. Since the rejection pertains to procedural matters, Ripple's fundamental victory that XRP is not a security remains unchanged.
The Judge's Time Wasted?
A pro-crypto attorney, Fred Rispoli, regarded Judge Torres' rejection as a waste of her time invested in the case over five years. However, he predicted a resolution might take around 2-3 weeks for Ripple and SEC to file and another week or two for the judge to rule.
XRP Market's Reaction
Despite the update, the XRP market demonstrated resilience, with nearly $50M worth of XRP withdrawn from exchanges for self-custody in the last 12 hours, reflecting bullish expectations for future rallies. These actions suggest ongoing confidence in the asset's potential growth.
Though XRP dipped 6% after the update, trading at $2.4 from $2.6, the overall sentiment in the cryptocurrency market remains somewhat bullish.
In conclusion, the Ripple lawsuit stands at a procedural juncture, with Ripple's cross-appeal now requiring proper re-filing and awaiting the court's decision. Policy watchers had speculated a resolution within four to five weeks, but this timeline may be affected by Judge Torres' ruling. As the legal proceedings unfold, follow updates for the latest developments in the Ripple-SEC saga.
- Although Judge Torres has dismissed the joint request for a settlement between Ripple Labs and the SEC, the legal battle over whether XRP is considered a security in the crypto finance business continues, with Ripple having to re-file their cross-appeal.
- The developments in the Ripple-SEC case are indicative of the broader implications of regulatory decisions in the technology sector, as the outcome could potentially set a precedent for cryptocurrency exchanges and other crypto-related businesses.
- The resilience of the XRP market, with $50M worth of XRP being withdrawn for self-custody, demonstrates a sense of confidence in the asset's potential growth despite the ongoing legal impasse between Ripple and the SEC.
