District court judge Analisa Torres rejected the SEC’s request to Ripple appeal. She stated that the regulatory body failed to present substantial grounds for a differing perspective.
Furthermore, District Court Judge Analisa Torres has rejected the United States Securities and Exchange Commission’s (SEC) motion to appeal its loss against Ripple Labs. Ripple Labs, the company responsible for issuing the XRP token, can celebrate as their victory remains unchallenged.
Moreover, In an order issued on October 3, Judge Torres denied the motion brought by the SEC. He argued that the regulator failed to fulfill its obligation of demonstrating key legal questions or substantial differences in opinion.
The motion filed by the SEC to certify an interlocutory appeal has been denied, along with their request for a stay, which is now considered moot. Notably, the regulator views the decision as a manageable loss.
This perspective arises due to Judge Torres scheduling a trial for April 23, 2024, specifically addressing the remaining issues. XRP’s price increased by about 6% just after the news, according to data from TradingView.
Judge Rules on Ripple’s XRP Case; SEC Appeals Decision
On July 13, Judge Torres made a ruling in favor of Ripple. He stated that the XRP token’s retail sales did not fit the legal definition of security. However, the court also found Ripple guilty of violating securities laws by directly selling XRP tokens to institutional investors.
In August, the regulatory body made a move to challenge this decision. They argued that there were substantial grounds for different opinions on the laws involved. Ripple Labs, SEC, no immediate response to comment request at publication.
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and its CEO, Brad Garlinghouse and co-founder, Chris Larsen. This legal action led to the delisting of the XRP token by several exchanges to mitigate potential legal concerns.
Subsequently, after Torres’ ruling in July, numerous crypto firms expressed their intentions to relist the token or explore such possibilities.
The commission recently focused on several crypto firms for alleged securities violations. This includes notable cryptocurrency exchanges like Binance and Coinbase.
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