Judge Denies SEC’s Appeal in Ripple Case
District Court Judge Analisa Torres has rejected the U.S. Securities and Exchange Commission’s (SEC) motion to appeal a recent ruling in favor of Ripple. The judge ruled that the SEC cannot request an appeal until after the trial on the remaining issues in the case, which is scheduled for April 2024. Following this news, XRP experienced a 5% surge.
No Connection Between XRP and LUNA Cases
Judge Torres also dismissed the SEC’s citation from the LUNA case, stating that there was no connection between the two cases. This highlights that court rulings can vary depending on the specific facts of each case.
Ripple’s Partial Victory
In July, Judge Torres ruled that Ripple Labs Inc. did not violate federal securities law by selling XRP to the general public. However, selling XRP to institutional investors in the past did violate securities laws. This ruling was considered a partial victory for Ripple as XRP is deemed a non-security.
Setback for the SEC
The SEC filed an “interlocutory appeal” in August, arguing that the court’s ruling was incorrect and should be overturned. While the recent court ruling may not be an outright loss for the SEC, it is certainly a setback for SEC Chairman Gary Gensler, who is already facing pressure from the crypto community due to multiple lawsuits against entities in the industry.
SEC’s Recent Loss to Grayscale
In another blow to the SEC, the U.S. Court of Appeals for the District of Columbia Circuit recently ruled that the SEC had not provided sufficient explanation for rejecting Grayscale’s application for a Bitcoin exchange-traded fund (ETF). As a result, Grayscale won the case and the SEC was ordered to review the filing.
Ripple’s Approval in Singapore
Ripple received a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) for its Singaporean subsidiary. This allows Ripple to offer crypto services in compliance with Singapore’s laws. Ripple CEO Brad Garlinghouse praised Singapore for its innovative yet consumer-protective approach to regulating fintech and digital assets.
XRP Price Surges Amid Market Reversal
Following the court ruling, XRP experienced a 5% surge and is currently trading around $0.53. In contrast, Bitcoin and Ethereum have seen price drops in the last 24 hours, potentially due to concerns about an upcoming interest rate hike and its impact on the market rally.
Hot Take: Ripple Gains Momentum with Legal Victories
Ripple’s recent legal victories against the SEC and Grayscale have given the company momentum in the crypto industry. These wins demonstrate that courts are recognizing XRP as a non-security and challenging the SEC’s regulatory actions. Additionally, Ripple’s approval in Singapore further solidifies its position as a legitimate player in the global crypto market. As Ripple continues to navigate legal battles and expand its services, it remains a significant contender in the ever-evolving world of cryptocurrencies.
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