New York Judge Again Rejects SEC and Ripple Settlement Request

ChainCatcher reports, according to Coindesk, that U.S. District Judge Analisa Torres of the Southern District of New York has for the second time rejected a settlement request from both the SEC and Ripple. The request sought to reduce the fine to $50 million and lift the permanent injunction, but the judge held that Ripple could still potentially violate the law again, so the injunction must remain in place.

Judge Analisa Torres of the Southern District of New York stated that the key issue lies in the proposal to lift the permanent injunction, rather than the $50 million civil penalty (which is lower than the $125 million initially imposed by the court last year). In her ruling on Thursday, she wrote that, as the SEC previously suggested, the permanent injunction prohibits further violations of federal securities laws, "because Ripple earned substantial profits from its violations and has an incentive to continue violating, it is necessary to impose this injunction."