New York judge rejects SEC and Ripple's joint settlement request

PANews reported on June 27 that according to Reuters, Analisa Torres, a federal judge in the Southern District of New York, rejected the settlement motion jointly filed by Ripple Labs and the U.S. Securities and Exchange Commission (SEC) on June 26. The motion sought court approval to reduce the fine Ripple faces for unregistered securities sales from $125 million to $50 million and to revoke the permanent injunction previously issued. The judge pointed out in the ruling that the two parties failed to prove the existence of "special circumstances that are sufficient to overwhelm the public interest and the administration of justice," emphasizing that the court's final judgment is binding.