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- The federal judge refused to agree with the SEC-Ripple due to the procedural error of the joint submission.
- The proposed transaction has reduced RIPPLE’s fines from $ 125 million to $ 50 million, and a four -year legal battle ended.
- Despite the frustration, both parties are still dedicated to the resolution despite the decision of $ 2.42.
The federal judge rejected the joint bidding of the SEC and Ripple Labs, and approved the agreement a few weeks after the two sides agreed to withdraw the appeal and ended the four -year legal battle.
Analisa Torres, a US judge, said he would still reject the agreement that even if he had jurisdiction on Thursday, he would be “inadequate procedures.”
The SEC and Ripple submitted an indicator from the court that they would dismiss Ripple’s ban on Ripple and accept a deal of $ 125 million to $ 50 million.
Such a ruling is used when the case is appealing and the court is no longer authorized to act. In this case, the jurisdiction took a break with the second circuit, where the two parties submitted a cross lover after the final ruling in August 2024.
Last month, Ripple Labs and SEC jointly submitted a request to stop this appeal with the second round.
The submission also confirmed that the SEC would withdraw the appeal in October. But the second circuit has not yet ruled out the request.
Recently, however, the submission of a Judge of Torres has been bypassed the rules of civil lawsuits, which controlled the relief from the final ruling and did not prove the “exceptional situation” necessary according to the standard.
Torres said in a May 15 order: “The parties did not try to meet the burden, and their request did not even mention the rules.
DECRYPT will contact Ripple for opinions and update the story if the response is received.
This lawsuit dates back to December 2020, and the SEC is not registered. XRP sales.
In July 2023, Judge Torres ruled that the sales of the institution violated the securities law, but the exchange -based retail sales triggered the optimism in the crypto industry.
After Donald Trump returned to the office, under the leadership of former acting chairman Mark Uda, the SEC reduced the encryption execution.
The lawsuit for Coinbase, Krake and many others has been withdrawn, and the new SEC chairman Paul Atkins confirmed last month is expected to take a much more generous posture than the former chairman Gary Gensler.
In last week’s announcement, the SEC officially confirmed $ 50 million. Ripple will pay a reduced fines, and the remaining $ 75 million in ESCROW has returned to the company.
Ripple Clo Stuart Alderoty said on Twitter’s command, “We will not change Ripple’s victory in today’s command.” Ripple and the sec will completely agree to solve this case and visit this problem with the court again.
According to Coingeko Data, XRP, which has soared more than 366% last year, has fallen 1.6% to $ 2.42.
Edited by Stacy Elliott.
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