A federal judge has rejected a joint request by Ripple Labs and the U.S. Securities and Exchange Commission (SEC) to approve a proposed $50 million settlement.
In a ruling issued Thursday, U.S. District Judge Analisa Torres said the parties’ motion was not only outside her jurisdiction, as the case is currently on appeal, but also “procedurally improper.”
Even if she did have authority to act, Torres wrote, the request failed to meet the standards required for modifying a final judgment. The case is already under appeal
The lawsuit, first filed in December 2020, accused Ripple of raising $1.3 billion through unregistered XRP sales.
Meanwhile, Ripple Chief Legal Officer Stuart Alderoty said in an X post that “nothing in today’s order changed Ripple’s wins.”
“This is about procedural concerns with the dismissal of Ripple’s cross-appeal. Ripple and the SEC are fully in agreement to resolve this case and will revisit this issue with the Court, together,” he said.