Judge Analisa Torres Dismisses Ripple-SEC $50 Million Settlement Proposal Due to Procedural Issues
A U.S. federal judge has rejected a joint settlement request from Ripple Labs and the SEC aimed at resolving their ongoing dispute for $50 million, citing procedural inadequacies.
In her Thursday ruling, U.S. District Judge Analisa Torres noted that because the case is currently under appeal, she lacked jurisdiction to approve the settlement. She further described the motion as “procedurally improper” and indicated that even if she had authority, the filing failed to meet the legal threshold to alter a final judgment.
The SEC originally sued Ripple in December 2020, alleging the company raised $1.3 billion through the sale of unregistered XRP tokens.
Ripple’s Chief Legal Officer, Stuart Alderoty, responded via X, affirming that the judge’s decision does not affect Ripple’s previous legal successes. He explained that the ruling was strictly about procedural matters concerning the dismissal of Ripple’s cross-appeal.
Alderoty also stated that Ripple and the SEC remain aligned in their commitment to settle the case and intend to bring updated proposals before the court in due course.
