Judge Torres Denies SEC and Ripple’s Joint Motion In XRP Lawsuit

In a significant development within the protracted legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) concerning the digital asset XRP, Judge Analisa Torres has rendered a decision that serves as a setback for both parties.

Judge Torres denied a joint motion requesting an indicative ruling to alter the terms of a previously established settlement agreement. Defense attorney James Filan revealed the ruling in an X post. This ruling has implications for the finality of judgments and the circumstances under which they can be modified.

SEC and Ripple’s XRP Lawsuit Faces New Hurdle

Ripple and the SEC requested that the court lift a permanent ban on the cryptocurrency company and reduce the fine it was required to pay. This wasn’t their first try. They had resubmitted the request two weeks earlier, but Judge Torres had initially rejected it due to its improper filing.

Notably, this second attempt also failed. The Judge explained that neither Ripple nor the SEC showed the “special reasons” needed to change her decision.

Judge Torres’s decision demonstrates her belief that legal rulings must be final. She explicitly stated that courts must strictly adhere to the rules governing changes to District Court judgments, particularly in the absence of “unusual situations.” The Judge emphasized that this stringent approach is crucial for upholding a fair and stable justice system.

Moreover, the judge also mentioned a Supreme Court decision that emphasized the importance of a court’s judgment. It’s not just for the people in the case, but it’s also part of “the legal world in general.”

The Judge further explained that even though Ripple and the SEC reached a deal, this agreement, as a contract between them, is not enough reason to change her earlier decision. She also referred to the Supreme Court’s view that a final judgment should remain in place unless the court decides it would serve the public interest to set aside the judgment.

Previous Filing To Dissolve Injunction

Earlier this month, CoinTab reported that both parties requested that the court approve their settlement. Reporter Eleanor Terrett shared on X that both sides want the court to confirm their agreement. They filed this request in a New York court.

The new request asks the judge to vacate the current order and release the money held in escrow. Their primary goal is to resolve the current legal dispute and cancel the $125 million fine imposed against Ripple, which is held in a separate account.

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