U.S. Court Rejects SEC and Ripple Settlement as 'Procedurally Improper', Orders Reapplication

On the 16th, Judge Torres of the U.S. District Court dismissed a settlement application from the U.S. Securities and Exchange Commission (SEC) and Ripple as 'procedurally improper'. The parties had been seeking to end more than four years of legal battles with a proposed order to lift an injunction against Ripple and reduce a penalty from $125 million to $50 million through a 'suggested ruling'. However, the court pointed out issues with jurisdiction. Suggested rulings are typically used by courts as a way to provide non-binding opinions on cases under appeal after losing jurisdiction over the matter. In the order, Judge Torres noted that 'the parties have not proceeded under Civil Procedure Rule 60, and this rule requires...'