26-6-2025 – U.S. District Judge Analisa Torres has delivered a resolute rebuff to the regulator’s latest manoeuvre. On June 26, 2025, she rejected the SEC’s motion for an indicative ruling that aimed to dismantle a prior court injunction compelling Ripple to adhere to securities laws and to slash the financial penalties levied against the company by more than half. In a succinct yet unequivocal order, Judge Torres declared, “The request is DENIED,” marking another pivotal moment in a case that has captivated both the cryptocurrency sector and legal scholars worldwide.
Ripple vs. SEC: A legal saga since 2020
The origins of this high-stakes dispute trace back to December 2020, when the SEC launched its lawsuit against Ripple, alleging that the firm had illegally marketed XRP as an unregistered security, contravening Section 5 of the Securities Act of 1933. The regulator contended that Ripple’s failure to register XRP offerings deprived investors of critical information necessary for informed decision-making regarding XRP and Ripple’s operations. This claim set the stage for a contentious legal saga that has unfolded over nearly five years.
🚨JUST IN: Judge Torres has denied @Ripple and the @SECGov joint motion for an indicative ruling. pic.twitter.com/iPzD4aMG1H
— Eleanor Terrett (@EleanorTerrett) June 26, 2025
Judge upholds key 2023 and 2024 rulings
Judge Torres’s latest ruling upholds the court’s earlier stance, notably her July 2023 partial summary judgment, which determined that Ripple’s sales of XRP to institutional investors constituted unregistered securities offerings. Following that decision, in March 2024, the SEC pressed for a definitive resolution, seeking a permanent injunction to bar Ripple from future violations and advocating for substantial monetary penalties. However, Torres’s recent order, which directed the Clerk of Court to terminate the SEC’s motion, firmly rebuffs these demands, dealing a procedural blow to the regulator while leaving broader questions of remedies and digital asset oversight unresolved.
