Judge Analisa Torres has rejected the joint motion by Ripple and the U.S. Securities and Exchange Commission (SEC) to reduce the penalty and lift the injunction.
?JUST IN: Judge Torres has denied @Ripple and the @SECGov joint motion for an indicative ruling. pic.twitter.com/iPzD4aMG1H
— Eleanor Terrett (@EleanorTerrett) June 26, 2025
The parties filed the document in April.
Previously, the Commission had sought an injunction against Ripple’s securities-related activities, Judge Torres noted. The regulator feared the company might continue potentially unlawful activities.
“None of this has changed. Yet now they claim it is in the public interest to reduce the civil penalty by sixty percent and lift the injunction imposed less than a year ago,” the ruling stated.
The judge added that the parties did not present “exceptional circumstances” that would outweigh public and governmental interests. According to Torres, Ripple and the SEC may withdraw their appeals or file a new one.
In December 2020, the regulator accused the company of violating securities laws by selling XRP. The proceedings became some of the most discussed in the industry.
In August 2024, Torres issued a final ruling on the case, fining Ripple $125 million.
In March 2025, the SEC withdrew its appeal against Ripple, and a week later, the company dropped its counterclaim.