Ripple Secures Legal Victory as Court Denies SEC’s Request for Interlocutory Appeal
Ripple Labs, Inc. has won another legal battle against the U.S. Securities and Exchange Commission (SEC) as a court denied the SEC’s request for an interlocutory appeal. U.S. District Judge Analisa Torres dismissed the motion, stating that there was no “substantial ground for difference of opinion” and that the appeal would not expedite the legal proceedings.
Legal Battle Continues
Although this ruling may seem positive for the cryptocurrency market, Ripple’s fight with the SEC is far from over. Judge Analisa Torres has scheduled another trial on April 23, 2024, to address remaining issues in the XRP case. Following this news, XRP saw a brief surge of over 5%, reaching $0.54.
SEC’s Request Denied
The SEC had sought permission to appeal the judge’s decision on XRP sales, arguing that the legal challenges warranted an appeal. Ripple opposed the request, stating that the agency did not meet the necessary conditions for certification.
A Partial Win for Ripple
In July 2023, Judge Analisa Torres ruled that some of Ripple’s programmatic XRP sales did not violate securities laws due to a blind bid process. However, she determined that other direct sales of XRP to institutional investors were considered securities, giving a partial victory to the SEC.
Hot Take: Ripple Prevails in Legal Battle Against SEC
Ripple’s recent legal victory over the SEC is a significant development in their ongoing legal battle. The court’s denial of the SEC’s request for an interlocutory appeal highlights their confidence in their case against the regulatory authority. However, the upcoming trial in April 2024 indicates that there are still unresolved issues that need to be addressed. Ripple’s ability to navigate these legal challenges will have a substantial impact on the future of XRP and the broader cryptocurrency market.
By
By
By
By
