XRP Surges After SEC’s Motion to Appeal Ripple Ruling Is Denied
XRP experienced a nearly 7% surge in value after the Securities and Exchange Commission (SEC) had its motion to appeal the landmark Ripple ruling denied. Judge Analisa Torres stated in an order filed on Tuesday that the SEC failed to demonstrate sufficient evidence of significant faults or problems with the previous decision. The ruling in July determined that the direct sales of XRP to customers did not qualify as offering unregistered securities, which was a major setback for the regulator. Although this denial is another blow to the SEC, it is not a complete loss as the case’s outstanding issues will be addressed at a trial set for April 23.
XRP Pares Gains
Despite the positive news, XRP has slightly pared its gains and is currently trading at $0.54 as of 7am ET, representing a 3.9% increase since the ruling was announced.
Legal Experts Weigh In
Legal experts have shared their opinions on the recent developments. Gabriel Shapiro, general counsel at Delphi Labs, advises crypto supporters not to get too excited over the denial of the SEC’s interlocutory appeal. He emphasizes that this does not mean the SEC has lost its appeal completely and still has the option to appeal all issues after the trial concludes. On the other hand, cryptocurrency lawyer Jeremey Hogan believes that the denial of appeal is a “disaster” for the SEC since it allows Judge Torres to strengthen her earlier partial ruling against Ripple, making an appeal more challenging for the regulator.
Scott Chamberlain, a fellow in entrepreneurship at ANU College of Law, suggests that while there may be future appeals from the SEC, their chances of success are diminished due to a weak factual record.
Hot Take: XRP Rises as SEC’s Appeal Motion Is Rejected
XRP has seen a significant surge in value following the SEC’s failure to appeal the Ripple ruling. This denial deals another blow to the SEC and its regulatory approach, although it is not a complete victory for Ripple either. While the trial date set for April 23 allows the regulator an opportunity to address outstanding issues, legal experts have differing views on the impact of this decision. As the case progresses, it remains to be seen how this battle between Ripple and the SEC will unfold and whether further appeals will be successful.
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