Source: Cointelegraph
Original: “Ripple says latest ruling won’t affect its legal victory”
Ripple's Chief Legal Officer stated that the U.S. court's rejection of the settlement proposal with the Securities and Exchange Commission (SEC) regarding XRP will not threaten Ripple's victory.
According to a document dated May 15, Judge Analisa Torres of the U.S. District Court for the Southern District of New York dismissed the motion for a declaratory judgment regarding the settlement proposal jointly submitted by Ripple and the SEC.
Ripple's Chief Legal Officer Stuart Alderoty stated that this dismissal does not overturn the company's victory in the case. The company announced the end of the lawsuit on March 19.
Alderoty emphasized that the latest court ruling does not change the fact that XRP is not a security, further clarifying that this dismissal is related to "procedural issues concerning Ripple's cross-appeal dismissal."
According to court documents, Judge Torres dismissed the motion on the grounds of "procedural impropriety," as the SEC and Ripple failed to submit the correct procedural motions required to support the proposed settlement.
"By characterizing their motion as 'settlement approval,' both parties failed to address the significant hurdles they must overcome, namely the lifting of the injunction and a substantial reduction in civil penalties," the judge stated in the ruling.
The SEC and Ripple agreed to reduce the court's $125 million fine just days before Ripple CEO Brad Garlinghouse announced the end of the case. Subsequently, Alderoty disclosed on the X platform that the SEC would retain $50 million of the $125 million fine.
"Both parties completely failed to fulfill this obligation; their application did not even mention the relevant rules," the court documents clearly stated.
Due to Alderoty not providing specific details on the court's procedural issues, many in the community expressed dissatisfaction with Ripple's lack of detailed explanation, despite his assurance to the public that Ripple and the SEC "fully reached an agreement to resolve this case."
"First of all, in your recent post about this case, you stated that you would not post on the X platform anymore since the case is over," one XRP observer responded to Alderoty in a discussion on the X platform.
"Secondly, I think simply saying this is a procedural issue is not sufficient. I believe further explanation is needed on what exactly went wrong in the application documents," wrote another XRP market observer in a discussion post on the X platform, which continued to analyze the situation.
"We should remember that both he and Brad publicly stated that the case is over, but in reality, the litigation is still ongoing; they misled us to some extent," speculated another user.
Shortly before this news broke, online media reported that U.S. President Trump was allegedly influenced by a lobbyist associated with Ripple to announce that XRP tokens would be included in his planned national cryptocurrency reserve program.
Many members of the Bitcoin (BTC) community have strongly criticized Ripple's advocacy for a multi-currency strategic reserve stance, rather than supporting a reserve scheme that only includes Bitcoin.
Related: Stablecoin bill passes in the Northern Mariana Islands, House overturns previous veto.
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