An American judge dismissed a joint motion from the US Securities and Exchange Commission (SEC) and the payment company Ripple who would have taken steps to end their long -standing legal battle.
Ripple and the SEC had submitted a joint motion earlier this month for an “indicative statement” to see if district judge Analisa Torres would be open to leaving the previously allocated civil fine of $ 125 million and reduce to $ 50 million.
The SEC has declined countless crypto enforcement actions since Donald Trump became president and Gary Gensler left as chairman.
However, Torres says that both parties “do not overcome the heavy burden they have to overcome to leave the order and to significantly reduce the bourgeois fine.”
The judge writes,
“Relief of the judgment under rule 60 is granted ‘only after showing exceptional circumstances’ … the parties have made no effort to satisfy that burden here; their request does not even mention the rule.
Accordingly, if the jurisdiction for this Court were to be restored, the court would refuse the motion of the parties as procedurally incorrectly. “
At the end of 2020, the SEC first sued the San Francisco-based payment company due to alleged sale of XRP as a non-registered security.
In 2023, Torres ruled that Ripple’s automated, open-market sale of XRP did not constitute security offers, in contrast to what the SEC claimed.
The judge the side of the security of the SEC that Ripple’s sale of XRP directly to institutional buyers was a supply of securities.
Last August Torres Ripple made a civil fine of $ 125 million. Both the company and the SEC appeal against that number.
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