Ripple-SEC Bid for XRP Settlement Rejected by Judge Citing 'Procedural Flaws'

A national justice has rejected a associated petition by Ripple Labs and the U.S. Securities and Exchange Commission (SEC) to o.k. a projected $50 cardinal settlement.

In a ruling issued Thursday, U.S. District Judge Analisa Torres said the parties' question was not lone extracurricular her jurisdiction, arsenic the lawsuit is presently connected appeal, but besides “procedurally improper.”

Even if she did person authorization to act, Torres wrote, the petition failed to conscionable the standards required for modifying a last judgment. The lawsuit is already nether appeal

The lawsuit, archetypal filed successful December 2020, accused Ripple of raising $1.3 cardinal done unregistered XRP sales.

Meanwhile, Ripple Chief Legal Officer Stuart Alderoty said successful an X post that "nothing successful today’s bid changed Ripple’s wins."

"This is astir procedural concerns with the dismissal of Ripple’s cross-appeal. Ripple and the SEC are afloat successful statement to resoluteness this lawsuit and volition revisit this contented with the Court, together," helium said.