US Judge Torres Denies Ripple and SEC Joint Appeal to Amend Penalty

After a few days of waiting, San Francisco-based blockchain payment firm Ripple and the United States Securities and Exchange Commission (SEC) have finally received the decision of US District Judge Analisa Torres on their joint request. The judge will not be honouring their second bid to amend the penalty. Another Dismissal of Ripple and SEC Negotiated Settlement A few weeks ago, the SEC and Ripple jointly submitted a report to the court, requesting the removal of the standing injunction imposed on the crypto firm. This particular injunction required Ripple to comply with federal securities laws. Both parties were also asking that the court reduce the penalty on Ripple by more than 50%. Precisely, they asked that Ripple pay only $50 million as opposed to the $125 million imposed on the blockchain firm. Unfortunately for them, US District Judge Analisa Torres denied the joint request tied to Ripple’s violations of securities laws through its sales of XRP. Interestingly, this is the second time she has stood against a negotiated settlement between Ripple and the SEC. The Court’s Original Ruling on Ripple is Necessary The court filing revealed that the concerned parties had failed to meet the stringent requirements for altering a final judgment. For context, any changes to a final ruling under the Federal Rules of Civil Procedure can only be made based on extraordinary circumstances. The court did not think that the SEC and Ripple’s joint filing had such justification. Rather, the crypto firm had already violated federal securities laws. In addition to this, the court perceived a demonstrated likelihood for Ripple to exhibit further misconduct. To further demonstrate that the original ruling was necessary, she pointed out that it served not only to penalize Ripple but also to uphold public interest and deter future violations. SEC Hires Crypto-Savvy Professionals Meanwhile, it is worth acknowledging that the SEC’s stance towards the crypto industry has changed drastically. This development occurred under the administration of Donald Trump and the appointment of pro-crypto leaders to the regulatory bloc. In mid-June, the SEC announced additional new staff appointments . This included professionals with notable experience in the cryptocurrency and blockchain industry. Jamie Selway was hired as director of trading and markets. Selway had previously served as global head of institutional markets at Blockchain.com from 2018 to 2019. The post US Judge Torres Denies Ripple and SEC Joint Appeal to Amend Penalty appeared first on TheCoinrise.com .

Source: The Coin Rise