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  • Judge Torres rejected a joint Ripple-SEC motion as procedurally improper, halting immediate changes to Ripple’s legal penalties.
  • Ripple’s chief legal officer confirmed that XRP still holds its nonsecurity status despite the procedural court ruling setback.
  • Ripple and the SEC must present stronger arguments if they wish to amend the court’s previous injunction and financial penalties.

Judge Analisa Torres has dismissed a joint motion filed by Ripple and the U.S. Securities and Exchange Commission, calling it procedurally improper. The idea behind the motion was to get an indicative decision that could help in any further litigation following a court appeal.

The ruling by Judge Rakoff did not alter the prior ruling that XRP is a nonsecurity, according to stakeholder Stuart Alderoty. The advisor noted that even with the delay, Ripple has not lost any legal ground and will continue the same in their coming filings.

Injunction Modification Effort Fails

Earlier this year, Ripple and the SEC reached a partial settlement. This agreement was conditional upon the court modifying the final judgment. Specifically, Ripple sought the removal of an injunction related to its institutional sales and a reduction of the imposed financial penalty. However, Judge Torres ruled that the motion did not meet the required standard for altering the judgment.

John Deaton, a lawyer known for supporting XRP holders, described the decision as a legal “curveball.” While others attempted to minimize its importance, Deaton noted the significance of the judge’s firm stance and her unwillingness to approve changes without thorough justification.

Ripple to Submit New Arguments

Ripple acknowledged that the court expects a stronger and more detailed argument to support any changes to the final judgment. The company will need to demonstrate that modifying the ruling aligns with the public interest.

Despite this recent development, Ripple insists that its prior legal victories remain intact. The classification of XRP as not being a security continues to stand, a point Alderoty reaffirmed following the judge’s rejection of the joint motion.

The ongoing legal process now requires Ripple and the SEC to regroup and file new motions if they wish to pursue changes to the injunction or penalty. The court’s refusal to rubber-stamp the previous motion reflects a high standard for altering judicial outcomes.

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