Judge Denies SEC’s Request to Appeal in Ripple Case
In the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, a federal judge has denied the SEC’s request to appeal its earlier loss. District Judge Analisa Torres ruled that the SEC had not provided sufficient grounds for differences of opinion.
Positive Outcome for Ripple
This latest development is a positive outcome for Ripple, according to Pro-XRP lawyer Fred Rispoli. He noted that while the July 13 victory was significant, Judge Torres’ ruling expresses her frustration with the SEC’s approach to the case, indicating contempt for their disrespect and misuse of her time.
SEC’s Shifting Arguments
Judge Torres’ order highlighted the SEC’s presentation of shifting and inconsistent arguments regarding its legal theory about “Other Distributions.” This departure from her typical approach was necessary to underscore the SEC’s inconsistency, as pointed out by Rispoli.
“The SEC may seek an emergency writ to 2nd Circuit, but that will be denied. It would waste time and money… any arguments by SEC will be greeted from a starting point of being non-credible,” wrote Rispoli.
Skepticism Towards SEC’s Credibility
Rispoli believes that while the SEC may attempt to seek an emergency writ to the 2nd Circuit, it is unlikely to succeed and would only waste time and resources. Judge Torres’ repeated references to undecided facts in the case suggest skepticism towards the SEC’s credibility in future arguments.
Hot Take: Ripple Gains Momentum in Legal Battle Against SEC
The denial of the SEC’s request to appeal is a significant victory for Ripple in their ongoing legal battle. Judge Torres’ ruling not only demonstrates her frustration with the SEC’s approach but also highlights the inconsistency in their arguments. This outcome further weakens the SEC’s position and raises doubts about their credibility moving forward. While the SEC may consider other options, it is unlikely that they will succeed in overturning this decision. Ripple’s momentum continues to grow as they navigate through this legal challenge.
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