New York judge again rejects SECs settlement request with Ripple

Odaily News U.S. District Judge Analisa Torres of the Southern District of New York rejected the SECs request for a settlement with Ripple for the second time. The request proposed to reduce the fine to $50 million and revoke the permanent injunction, but the judge believed that Ripple was still likely to violate the law again and the injunction must be maintained. District Judge Analisa Torres of the Southern District of New York believes that the key point is the proposal to lift the permanent injunction, not the $50 million civil penalty (which is lower than the $125 million initially imposed by the court last year). She wrote in her ruling on Thursday that, as the SEC suggested at the time, the permanent injunction prohibits further violations of federal securities laws, because Ripple has made huge amounts of money in the process of violating the law and Ripple has an incentive to continue to violate the law, so this injunction is necessary.