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NY Judge Slaps Down SEC, Ripple’s Second Request for an Indicative Ruling on Proposed $50M Settlement
A New York judge has rejected a joint request from the U.S. Securities and Exchange Commission (SEC) and Ripple Labs for her to approve a proposed settlement agreement that would slash Ripple’s civil penalty to $50 million and dissolve the permanent injunction against the firm.
It is the proposed removal of the permanent injunction, and not the $50 million civil penalty — discounted from the original $125 million imposed by the court last year — that appears to be the sticking point for District Judge Analisa Torres of the Southern District of New York (SDNY), who wrote in her Thursday ruling that a permanent injunction against further violations of federal securities laws was, as the SEC suggested at the time, “warranted because of the enormous sums of money Ripple made in violating the law and Ripple’s incentives to continue doing so.”
“Indeed, if the Court should not be concerned about Ripple violating the law, why do the parties want to eliminate the injunction that tells Ripple, ‘Follow the law’?,” Torres wrote. “When the Court imposed the injunction, it did so because it found a ‘reasonable probability’ that Ripple would continue violating federal securities laws. This has not changed, nor do the parties claim that it has.”
The request comes amid sweeping changes at the SEC following the election of U.S. President Donald Trump in January and the subsequent departure of former SEC Chair Gary Gensler. Under the SEC’s new leadership, the regulator has adopted a more crypto-friendly regulatory posture, creating a Crypto Task Force spearheaded by Commissioner Hester Peirce and dropping a host of investigations and litigation against crypto companies. However, as Torres pointed out in her ruling, most of those cases were dismissed by the SEC “before a court found a violation of federal securities laws.”
“Regardless of leadership changes, the SEC has avoided whipsawing between arguments in ongoing litigation in order to protect the agency’s credibility,” said Corey Frayer, director of investor protection at the Consumer Federation of America. “In granting favors to crypto companies, SEC leadership has chosen to tarnish a 90 year reputation the agency carefully built.”
This is the SEC’s second request for an indicative ruling — essentially, a preview of what a lower court will do if a higher court sends the case back down to the lower court for a final decision — that Torres has rejected. In May, she slapped down the first such attempt, citing both jurisdictional and procedural flaws. Earlier this month, the parties tried again, filing a new, expanded request with the court arguing that “exceptional circumstances” warranted the modification of Torres’ final judgement.
Torres was completely unmoved by SEC and Ripple’s arguments, writing: “The Court respects the freedom of parties to amicably resolve their disputes. It is also true that the SEC, like any other law enforcement agency, has discretion to change course after an enforcement action is initiated. But the parties do not have the authority to agree not to be bound by a court’s final judgment that a party violated an Act of Congress in such a manner that a permanent injunction and a civil penalty were necessary to prevent that party from violating the law again. For that, the parties must show exceptional circumstances that outweigh the public interest or the administration of justice. They have not come close to doing so here.”
If the parties “genuinely wish to end this litigation today,” Torres wrote, they have two other choices: they can either withdraw their ongoing appeals in the case, or they can take an appeal.
“Neither option involves requiring this Court to absolve Ripple of its obligations under the law,” Torres said.
Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.
The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.
Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.
The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.
Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.
«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.
Read more: Stablecoin Payments Projected to Top $1T Annually by 2030, Market Maker Keyrock Says
Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.
The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.
Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.
The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.
Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.
«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.
Read more: Stablecoin Payments Projected to Top $1T Annually by 2030, Market Maker Keyrock Says
Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.
The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.
On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.
The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.
Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.
Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.
Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push
Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push
Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%
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