Why can't Ripple settle with SEC? 🤔

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Just when it looked like the SEC and Ripple were set to put years of legal battles over XRP sales behind them via a $50 million settlement, a federal judge threw a wrench into things.

U.S. Judge Analisa Torres denied the joint bid Thursday, blaming procedural errors as the SEC and Ripple Labs sought an indicative ruling from the court to signal that it would accept the settlement—which would dissolve Ripple’s injunction while cutting the crypto firm’s fine to $50 million (down from $125 million).

Torres said that not only did she lack jurisdiction, but that the move would have been “procedurally improper” all the same. Ripple’s Chief Legal Officer Stuart Alderoty wrote on X that the firm and regulator will collectively push ahead with the resolution.

“Nothing in today’s order changes Ripple’s wins (i.e. XRP is not a security, etc),” Alderoty wrote. “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.”

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