A federal judge ruled against a joint motion put forth by Ripple Labs and the SEC, aiming to finalize a $50 million settlement due to jurisdictional and procedural flaws. Judge Analisa Torres emphasized that the motion was not only outside her authority, as the case is under appeal, but was also improperly filed.

Even if Judge Torres had the jurisdiction to make a decision, she declared that the motion did not fulfill the necessary requirements for altering a final judgment. This lawsuit, originally filed in late 2020, involves allegations that Ripple generated $1.3 billion through unregistered sales of its cryptocurrency, XRP.

Despite the setback, Ripple’s Chief Legal Officer, Stuart Alderoty, assured in a post on X that the ruling did not undermine Ripple’s previous legal successes. He stated, ‘This is about procedural concerns with the dismissal of Ripple’s cross-appeal. Ripple and the SEC are fully in agreement to resolve this case and will revisit this issue with the Court, together.’

The case’s ongoing developments continue to unfold, keeping the crypto community engaged.