In a significant development in the Ripple vs. SEC lawsuit, a US court rejected a proposed settlement agreement between Ripple and the Securities and Exchange Commission (SEC). Judge Analisa Torres of the Southern District of New York deemed the motion improper, citing procedural concerns over the lack of sufficient support to vacate the injunction and reduce the civil penalty. Despite this setback, Ripple’s chief legal officer, Stuart Alderoty, has emphasized that the rejection does not undermine their victory in the case, as it was concluded on March 19th. Alderoty maintains that XRP is not a security, citing the court’s reasoning for denying the motion. The SEC and Ripple had previously agreed to reduce the potential fine from $125 million but failed to meet certain procedural requirements to achieve this agreement.