Ripple and US Securities and Exchange Commission (SEC) have been in a long-standing XRP case, and just when it seemed to be over, a new development has occurred.
The request for a $50 million settlement jointly presented by the SEC and Ripple was rejected by Judge Analisa Torres on procedural grounds.
The rejection of the settlement request by a US judge raises questions about the legal status of XRP, while Ripple’s Chief Legal Officer Stuart Alderoty commented on the decision.
Ripple’s CLO stated that Judge Analisa Torres’ ruling will not affect the legal status of XRP and that the July 2023 decision affirming that XRP is not a security is still valid.
“Today’s decision does not change Ripple’s earnings, that is, that XRP is not a security, etc.”
Despite the court’s rejection decision, Ripple and the SEC emphasized that their agreements regarding the sale of XRP are valid in public and that they are still in harmony in resolving the issue.
Ripple’s CLO stated that the court’s dismissal decision was procedural:
“Ripple and the SEC are completely in agreement on resolving this case and will revisit this issue together with the court.”
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