The U.S. court dismissed the SEC's motion to settle with Ripple due to procedural issues, and both parties plan to resubmit

ChainCatcher news, according to Cryptoslate, U.S. District Judge Torres dismissed the joint motion for settlement submitted by the SEC and Ripple on May 15 due to procedural impropriety, as it was not filed under Rule 60 of the Federal Rules of Civil Procedure. The ruling does not negate the content of the settlement, and both parties can reapply through the correct procedure.

The motion was originally intended to lift the injunction against Ripple and unfreeze part of the $125 million penalty. Ripple's Chief Legal Officer stated that the ruling does not affect the core judgment favorable to the company, and both parties will continue to push for a resolution.

Previous news reported that Ripple and the SEC reached a settlement agreement, which may end a four-year litigation dispute.