Judge Torres denies the Ripple and SEC joint suggestion star-news.press/wp

A US local court rejected a joint request from the US Securities and Stock Exchange Committee (SEC) and Ripple to require an indicator to reduce a civil penalty worth $ 125 million and reflects the matter that determines the initial sales of XRP (XRP) for institutional investors as securities transactions under Article 5 of the Securities Law.

The counseling ruling allows the lower courts, such as the provincial court, to issue orders for a suspended case in the Supreme Court of Appeal System, subject to the approval of the Supreme Court.

On Thursday’s file at the local United States Court of the Southern Region in New York, Judge Angia Torres wrote that the court would not back down from the previous rulings, including a $ 125 million penalty, which was consistent with federal securities laws issued by Congress. Torres argued:

Ultimately, the court partially granted SEC request to issue a civil penalty because the court found that “Ripple’s willingness to pay the boundaries of the order (the brief ruling) confuses the possibility that it will be in the end, if it is not already, the line crosses.” None of this changed – and the parties did not pretend.

However, they now claim that it is a public reformer to reduce the civil penalty by sixty percent and evacuate the permanent immobility that was introduced less than a year ago.

Torres wrote that the parties can reduce the punishment and circumvent the initial rulings of the minimum court through the appeal process stipulated in Congress and not through a direct contact with the lower court to reverse its orders.

Cointelegraph communicates with the legal Ripple representatives of the comment, but he did not receive a response through publication time.

The case is still closely monitored by the encryption community even when it ends and each of the litigants agreed to fully drop the lawsuit.

Related to: Extension codes in secondary sales are not securities, as he told Ripple SEC

The SEC lawsuit ends while Ripple CEO celebrates the appeal

On March 19, CEO of Ripple Brad Garlinghouse Declare SEC has dropped its attractiveness against the company and celebrated this step as a “resounding victory” for the company and the encryption industry.

As part of the wind, both parties presented a a movement To issue 125 million dollars, it was held in the guarantee for the monetary penalties that the court ordered.

According to the fill, $ 50 million from the warranty balance will go to the Supreme Education Council as a 60 % penalty, while $ 75 million will be returned to Ripple, pending the approval of the court.

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