After a recent development in the legal battle between Ripple and the SEC, Judge Analisa Torres has rejected a joint request to approve a reduced $50 million fine and remove a permanent injunction. She criticized both parties for attempting to overturn a final court ruling through a private settlement.
“The Ball Is Back in Our Court”
Given the court’s decision, Ripple and the SEC now have two options if they truly want to end the case. They can either drop their appeals or proceed with appealing the injunction. Ripple’s Chief Legal Officer, Stuart Alderoty, responded by stating, “The ball is back in our court.”
With this, the ball is back in our court. The Court gave us two options: dismiss our appeal challenging the finding on historic institutional sales—or press forward with the appeal. Stay tuned. Either way, XRP’s legal status as not a security remains unchanged. In the meantime,… https://t.co/edHNbMzYbZ
— Stuart Alderoty (@s_alderoty) June 26, 2025
Alderoty emphasized that regardless of their decision, XRP’s legal status as a non-security remains intact.
Judge Expected Strong Arguments
Legal expert John Deaton noted that Judge Torres’ response was unexpected by the SEC. The SEC failed to provide sufficient justification for changing the earlier ruling, and Judge Torres expressed that the parties fell short in this regard.
Deaton highlighted the high standard that needed to be met, which the SEC did not meet. The judge’s decision to deny the motion came as a surprise, as Deaton had initially given it a 30% likelihood of happening.
He commended Judge Torres for upholding the law amidst shifting political dynamics and stressed the importance of safeguarding investors, particularly in a cryptocurrency landscape rife with fraudulent schemes.
Will Ripple and the SEC Withdraw Their Appeals?
Attorney Fred Rispoli suggested that Ripple and the SEC are likely to drop their appeals and reach a settlement around $50 million, maintaining Judge Torres’ ruling. He also speculated that the SEC may offer assurances to Ripple privately or publicly, ensuring no further restrictions as long as compliance is maintained. While the court’s injunction will remain in place, Rispoli believes it is unlikely that the SEC will enforce it.