Judge Analisa Torres of the U.S. District Court for the Southern District of New York has rejected a joint motion by the U.S. Securities and Exchange Commission (SEC) and Ripple Labs in the case over XRP. In a May 15 decision, she denied the request to lift an injunction and reduce a $125 million civil penalty, ruling that the proposed agreement did not meet the legal standards for modifying a final judgment.

The SEC and Ripple had sought court approval to vacate an injunction prohibiting Ripple from violating securities laws and to cut the penalty to $50 million as part of a negotiated settlement while their appeals are pending. Judge Torres found the motion procedurally improper, stating it should have been made under Rule 60, which applies to requests for relief from a final judgment and demands a demonstration of “exceptional circumstances.” Commenting on the ruling, attorney James Filan stated on social media platform X:

Judge Torres has denied the parties’ motion for an indicative ruling. ‘If jurisdiction were restored to this Court, the Court would deny the parties’ motion as procedurally improper.’

The case stems from a 2020 lawsuit filed by the SEC, alleging Ripple Labs unlawfully offered and sold XRP as unregistered securities in violation of the Securities Act of 1933. Following years of litigation, a partial summary judgment in 2023 favored Ripple, concluding that its programmatic sales and other distributions of XRP were not securities transactions. However, a final judgment in 2024 imposed a $125 million penalty on Ripple, the enforcement of which was stayed during appeal. On May 8, 2025, Ripple and the SEC reached a settlement agreement proposing to dissolve the injunction and reduce the penalty to $50 million—a 60% reduction—contingent upon court approval.

Filan, who has closely followed the SEC’s lawsuit against Ripple, recently explained that the case can only conclude if Judge Torres first signals she will dissolve the injunction and approve distributing $50 million to the SEC and the remainder to Ripple. If so, both parties will seek a limited remand from the Second Circuit. Once granted, they will formally request the relief. After the injunction is lifted and funds are distributed, both sides will move to dismiss their appeals, ending the case.

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