The American district judge Analisa Torres refused a joint request from the dry and Ripple laboratories for an indicative decision, by calling it as “proper proper”.
Judge Torres issued the decision on May 15, clearly declaring that even if the court returned to his court, she would reject the request due to procedural reasons.
What does this mean for the last SEC and Ripple regulation?
This decision means that the regulations previously agreed between Ripple and the SEC faces uncertainty. Earlier, the two parties announced a regulation that would considerably reduce Ripple’s civil sanction by $ 125 million to $ 50 million.
The agreement also included the dissolution of an injunction which prevented the undulation of certain token sales.
However, Judge Torres stressed that the joint request did not comply with the legal standard described under the federal rule of civil procedure 60. This rule requires that “exceptional circumstances” modify or dissolve the final judgment of a court.
Consequently, the initial injunction and the original penalty remain in force until the two parties submit an appropriate movement solving these procedural problems.
The trial itself has not yet been rejected. Ripple and the SEC initially interrupted their calls, providing that the court would approve their request for joint settlement.
Thus, the decision of judge Torres means that the appeal process could resume unless the parties submit an corrected request.
The denial caused an immediate reaction on the market, the price of XRP falling shortly after the announcement of the decision. Altcoin fell by almost 5% today, despite the 15% gains in the last month.
Investors and stakeholders had considered the regulations proposed as a resolution at the long -standing legal battle.
Overall, the dry and ripple saga continue in its fifth year. Ripple has made significant developments and expansion on the US market following Trump’s Pro-Crypto regulations and the DRI application changes.
However, the XRP trial remains a thorn on the side of Ripple, and the legal complexities could maintain it further.
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