Judge Torres denies Ripple and SEC joint motion for indicative ruling

The US District Court rejected a joint proposal from the US Securities and Stock Exchange Commission (SEC) and the ripple that required an indicative decision to reduce civic law in the amount of $ 125 million and turned the order defining the primary sale of XRP (XRP) Institutional investors as a securities transaction pursuant to Article 5 of the Act on Securities.

Based on an indicative decision, it allows lower courts, such as the District Court, to issue orders to a case awaiting a review in the System of the Higher Court of Appeal, subject to the higher court approval.

In the fourth submission of the United States District Court for the South District in New York, Judge Analisa Torres wrote that the court will not cancel an earlier decision, Including a $ 125 million punishmentwhich were in line with the Federal Securities Act approved by Congress. Torres claimed:

Finally, the court partially complied with the SEC request for a court order and a civil punishment because the court found that “Ripple’s willingness to move borders [Summary Judgment] The order shows the likelihood that it will eventually exceed the boundary if it does not do so. “None of this has changed – and the parties barely pretend to be.

Now, however, it now claims that it is in the public interest to reduce civil penalty by sixty percent and release a standing order that was listed less than a year ago, ”Torres wrote.

Parties could reduce the fine and bypass The initial decision of the lower court Only through the congress -specified appeal process and not by direct request of the lower court to reverse his orders, Torres wrote.

Cointlegraph addressed Ripple’s attorney to comment, but did not receive the answer at the time of publication.

The case continues to be carefully monitored by the crypto community, even if it ends down and both disputes have agreed to abandon the action in full.

Related: The cradle cryptos in secondary sale are not securities, says Ripple Sec

SEC action is wound when Ripple CEO celebrates attraction

March 19, CEO of Ripple Brad Garlinghouse notified that SEC had abandoned from the attraction Against the company and celebrated this step as a “significant victory” for the company and crypto industry.

Both sides and movement on Release $ 125 million held in the store for monetary sanctions ordered by a court.

According to the filling, $ 50 million would go on the SEC 60%-disconted punishmentWhile $ 75 million would be returned to Ripple until the court’s consent.

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