The U.S. District Court rejected a joint motion from the Securities and Exchange Commission (SEC) and called for an indicative ruling to reduce a $125 million civil penalty and overturn the order that defines the primary sales of XRP (XRP) As an institutional investor in securities trading under Article 5 of the Securities Act.
An indicative decision allows lower courts like district courts to issue orders that are pending review in the appeals court system but require approval from the High Court.
In a filing filed Thursday in the U.S. District Court in the Southern District of New York, Judge Anal Taris wrote that the court would not revoke the early ruling, i.e. Includes a fine of $125 millionThis is consistent with the federal securities laws passed by Congress. Torres believes:
Ultimately, the court partially approved the injunction and civil fines required by the SEC, as the court ruled that “Ripple’s willingness to break through the boundaries of the (summary judgment) orders suggests that if the boundaries have not been crossed, it is possible that it ends up eventually.” None of these changes—the parties barely pretended to have its existence.
Nevertheless, they now claim that it is in the public interest to reduce civil fines by 60% and to remove the permanent injunction less than a year ago. ” Torres wrote.
All parties can reduce fines and avoid The initial ruling of the court Torres wrote that his order was only passed through the appeal process prescribed by Congress, rather than directly revoking his order to the lower court.
Cointelegraph contacted Ripple’s legal representative for comment, but received no response within publication time.
The case continues to be strictly monitored by the cryptocurrency community, and even as the case gradually diminished, both litigants agreed to remove the lawsuits.
Related: Ripple tells SEC
SEC lawsuits end as Ripple CEO celebrates
On March 19, Ripple CEO Brad Garlinghouse Announce SEC has Give up appeal Opposing the company and celebrating the move is a “huge victory” for the company and the cryptocurrency industry.
As part of the wind, both sides proposed sports arrive Release $125 million The monetary fine held in custody is ordered by the court.
According to the filler, the $50 million in custody balance will be used as a SEC as a 60% finealthough $75 million will be returned to Ripple, pending court approval.
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