In the critical lawsuit between Ripple and the SEC, the court rejected the joint request from both parties to reduce penalties, ruling to maintain the sanctions as originally decided.
Judge Analisa Torres of the Southern District of New York reviewed the joint filing by Ripple and the U.S. Securities and Exchange Commission (SEC). Both sides had requested a reduction of the $75 million fine imposed by the SEC to $50 million, with the remaining $25 million to be returned to Ripple. However, Judge Torres denied the request, stating that no "exceptional circumstances" existed that would justify such a reduction based on public interest or justice.
Judge Torres emphasized in her statement that the parties do not have the authority to disregard court decisions, stressing that public interest and justice were the basis for her ruling. Ripple's Chief Legal Officer Stuart Alderoty commented on the decision, noting that the court presented them with two options: either withdraw their objection regarding institutional sales or continue the appeals process. Alderoty also clarified that the ruling regarding XRP’s retail sales, which are not considered securities, remains unchanged, ensuring continuity in Ripple’s operations.
