U.S. District Judge Analisa Torres has once again denied Ripple and SEC’s joint motion for an indicative ruling to vacate the permanent injunction and reduce the penalty.
Pro-crypto journalist Eleanor Terrett called the public’s attention to the court’s judgment released today. Recall that the parties refiled their joint motion for an indicative ruling earlier this month, providing exceptional circumstances to vacate the permanent injunction imposed on Ripple’s XRP institutional sales and reduce the penalty to $50 million.
Torres Denies SEC and Ripple’s Latest Request
However, Judge Torres, in her decision, said the parties’ recent arguments did not persuade her to grant the indicative ruling. According to her, the parties’ settlement agreement, which involves vacating the injunction and reducing the penalty, does not override the court’s final and public judgment.
She asserted that the precedents cited in the motion did not involve any injunction or civil penalty, unlike the Ripple lawsuit. Specifically, the judge noted that the SEC dismissed most of these cases before the court ruled on whether there was any violation of federal securities law.
“Moreover, dissolution of the injunction as a precondition to the termination of the parties’ appeals is only necessary because the SEC and Ripple made it so,” Judge Torres remarked.
According to her, the parties are free to withdraw their appeals at any time if they genuinely wish to do so.
Is Appeal the Only Route?
However, if they insist on seeking relief from the final judgment, Judge Torres emphasized that the only route is through an appeal at the Second Circuit.
“Neither option involves requiring this court to absolve Ripple of its obligation under the law,” Judge Torres added.
The judge stated that while she respects their freedom to settle the legal dispute amicably, the parties cannot agree to opt out of the court’s final verdict.
It remains unclear how the SEC and Ripple will respond to the court’s latest decision. In the meantime, the parties are committed to resolving the multi-year lawsuit. They have already asked the Second Circuit to pause their appeals to enable them to resolve the case amicably.
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