District Court Judge Rejects SEC’s Motion to Appeal Ripple Case
District court judge Analisa Torres has denied the United States Securities and Exchange Commission’s (SEC) motion to appeal its loss against Ripple Labs, the company behind the XRP token. The judge stated that the SEC failed to demonstrate that there were controlling legal questions or substantial grounds for differences of opinion on the matter. However, this decision does not represent a complete loss for the regulator, as a trial has been scheduled for April 23, 2024, to address remaining issues.
XRP Price Surges Following Judge’s Decision
Following the news of the judge’s decision, the price of XRP experienced a nearly 6% surge. This information is based on data from TradingView.
Judge’s Previous Ruling and SEC’s Attempted Appeal
In a previous ruling on July 13, Judge Torres declared that retail sales of XRP did not meet the legal definition of a security. However, she did find that Ripple violated securities laws by selling XRP tokens directly to institutional investors. In response, the SEC attempted to appeal this decision in August, claiming differences of opinion on applicable laws.
Hot Take: Ripple Receives Favorable Decision in Ongoing Legal Battle
Ripple has gained a victory in its ongoing legal battle with the SEC as District Court Judge Analisa Torres denies the regulator’s motion to appeal. Although this decision is not a complete win for Ripple, as a trial is still scheduled for April 2024, it shows that the SEC has failed to meet its burden in proving controlling legal questions or substantial differences of opinion. The market responded positively to this development, with XRP experiencing a surge in price. This decision adds another chapter to the ongoing saga between Ripple and the SEC, which will continue to unfold in the coming months.
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