US court rejects SEC's settlement motion with Ripple on grounds of procedural error US District Court Judge Anastasia Torres rejected the settlement motion jointly submitted by the SEC and Ripple. The motion seeks the court to lift the injunction in the August 2024 judgment and approve the release of $50 million from the $125 million civil penalty deposit to be paid to the SEC, with the remaining funds returned to Ripple. The judge determined that the application did not comply with the procedural requirements set forth in Rule 60 of the Federal Rules of Civil Procedure. Ripple's Chief Legal Officer stated that they will resubmit a settlement application that complies with the rules. According to legal experts' analysis, both parties need to provide detailed explanations and clarifications in accordance with Rule 60 standards, including the decision-making basis for the SEC to abandon other charges. It is expected that the complete process will take 3-5 weeks. The judge emphasized that this rejection is only for procedural defects and does not involve substantive examination of the settlement content.