š§āāļø RIPPLEāS PLEA TO LOWER SEC FINE: DENIED
A judge just DENIED the joint request by SEC & Ripple to reduce Rippleās settlement fine and eliminate an injunction.
This marks the second failed attempt to lessen the penalty.
The legal battle continues... š§µ
Torres explained that the lawsuit has already passed the settlement stage, and the main event is over.
The SEC initially sought a $1B fine, and the court lowered it to $125M, an 87.5% reduction.
Ripple wanted EVEN LESS.
Despite a Gary Gensler-led appeal to the 2nd Circuit, the post-Gensler SEC and Ripple co-signed an agreement this May to settle.
That, however, was contingent on Torres striking the injunction and reducing Rippleās penalty by 60%ā¦
Torres firmly stated that her August 2024 judgment should persist unless there are āexceptional circumstancesā that outweigh public interest.
She believes neither party has ācome closeā š² to demonstrating such circumstances.
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