Ripple and SEC joint request to reduce fine for tech company denied

On Thursday, XRP fell 3% following Judge Analisa Torres' decision to deny a joint request by the US Securities and Exchange Commission (SEC) and Ripple to reduce the $125 million fine imposed on the crypto company. The organizations' joint request, filed on June 12, suggested lifting the permanent injunction and reducing the monetary penalty for Ripple to $50 million.

The SEC and Ripple had previously reached a private settlement of the legal dispute, started in 2020, following a change in the Commission's management and a shift in its approach to regulating the crypto industry. After the resignation of former SEC Chairman Gary Gensler and the appointment of new Chairman Paul Atkins, the organization has taken a softer position regarding many issues.

However, as Judge Torres explained, parties do not have the right to overrule a judgment based on a private agreement. To achieve that, she said, both organizations must provide substantial evidence to rebut the court's decision.