Ripple v. SEC court case takes another twist
On May 8, the resolution to the long-standing court case between Ripple Labs and the Securities and Exchange Commission (SEC) appeared to be writing its last pages, with only formal court approval standing in the way of a $50 million settlement. But on May 15, Judge Analisa Torres blocked the deal on procedural grounds, stating that the filing was scheduled under Rule 60, which would require demonstrating ‘exceptional circumstances.’ According to the Judge, no such circumstances are present, rendering the motion ‘procedurally improper.’ If jurisdiction were restored to this Court, the Court would deny the parties’ motion as procedurally improper. The proposed deal was a compromise that would help the SEC change course in its approach to cryptocurrency regulation while reducing the amount Ripple Labs is forced to pay by 60%, from $125 million to $50 million. #XRPCommunity #SECGov v. #Ripple #XRP Judge Torres has denied the parties’ motion for an indicative rulin...