🚀XRP surged 5% after a judge rejected the SEC's appeal in its case against Ripple, ruling in favor of Ripple in July.
🔍The SEC failed to demonstrate a significant difference of opinion, leading to the rejection.
🥊The legal battle continues with a trial scheduled for April 2024, and Ripple has spent over $200 million on legal fees.
- In July, the SEC filed an interim appeal against Justice Torres' decision, arguing that there was substantial room for difference of opinion in the matter at hand.
- On October 3, Judge Torres denied the SEC's application, declaring the agency did not meet its burden of proof - in other words, the SEC could not prove there was a legally controlling question regarding the land significant to the difference of opinion on the topic.
- However, eggs should not be counted before hatching; Ripple's hold does not mean a complete failure for the SEC. Most likely, the commissioner will try to appeal the case again. Additionally, the Judge has set April 16, 2024 as the trial date, during which other pending matters will be resolved.
- The legal battle between Ripple and the SEC lawsuit has been the largest ever in cryptocurrency history, starting at the end of 2020.
- Most of the time, crypto projects that face the SEC end up in settlement agreements, but that doesn't seem to be in Ripple's plans according to the company's executives, Brad Garlinghouse and Chris Larsen, has said they will fight the SEC to the end.
- To date, Ripple has spent over $200 million on legal fees, currently represented by law firm Cleary Gottlieb Steen & Hamilton LLP.
🔍The SEC failed to demonstrate a significant difference of opinion, leading to the rejection.
🥊The legal battle continues with a trial scheduled for April 2024, and Ripple has spent over $200 million on legal fees.
- In July, the SEC filed an interim appeal against Justice Torres' decision, arguing that there was substantial room for difference of opinion in the matter at hand.
- On October 3, Judge Torres denied the SEC's application, declaring the agency did not meet its burden of proof - in other words, the SEC could not prove there was a legally controlling question regarding the land significant to the difference of opinion on the topic.
- However, eggs should not be counted before hatching; Ripple's hold does not mean a complete failure for the SEC. Most likely, the commissioner will try to appeal the case again. Additionally, the Judge has set April 16, 2024 as the trial date, during which other pending matters will be resolved.
- The legal battle between Ripple and the SEC lawsuit has been the largest ever in cryptocurrency history, starting at the end of 2020.
- Most of the time, crypto projects that face the SEC end up in settlement agreements, but that doesn't seem to be in Ripple's plans according to the company's executives, Brad Garlinghouse and Chris Larsen, has said they will fight the SEC to the end.
- To date, Ripple has spent over $200 million on legal fees, currently represented by law firm Cleary Gottlieb Steen & Hamilton LLP.