Just when the long-standing XRP lawsuit between Ripple and the US Securities and Exchange Commission (SEC) was about to end, a new development occurred.
The SEC and Ripple’s jointly submitted $50 million settlement request was rejected by Judge Analisa Torres on procedural grounds.
While the rejection of the agreement request by the US judge raises questions about the legal status of XRP, Ripple Chief Legal Officer Stuart Alderoty made an assessment of the decision.
Stating that Judge Analisa Torres’ rejection decision will not affect the legal status of XRP, Ripple CLO said that the July 2023 decision that XRP is not a security is still valid.
“Today's decision does not change Ripple's earnings (i.e., that XRP is not a security, etc.).”
Despite the rejection from the court, he emphasized that Ripple and the SEC's agreement on the sale of XRP to the public is valid and they are still in harmony in resolving the matter.
Stating that the court’s rejection decision was procedural, Ripple CLO said:
“Ripple and the SEC fully agree to resolve this case and will revisit this matter with the court.”
*This is not investment advice.
