🚨 BREAKING: 🇺🇸 Judge Torres Denies SEC's Appeal Against Ripple 🔥
#XRP Price Surges 🚀
Here's a Comprehensive Update 😳
District court judge Analisa Torres has rejected the U.S. Securities and Exchange Commission's (SEC) motion to appeal against Ripple Labs.
Judge Torres stated that the SEC failed to demonstrate the existence of crucial legal questions or substantial grounds for differing opinions in relation to the case.
On July 13, the court ruled partially in favor of Ripple, determining that the sale of XRP tokens to ordinary consumers did not meet the definition of a security.
However, Ripple did violate securities laws by directly selling to major institutional investors.
In August, the SEC sought to appeal this decision, believing that there were significant possibilities for differing opinions on the interpretation of the applied laws.
Market Reaction of XRP:
Following the news of the denied appeal, the price of XRP experienced an increase of nearly 6%.
While this ruling represents a setback for the SEC, it does not mark the end of the matter.
A trial is scheduled for April 23, 2024, to address other unresolved issues.
The SEC filed its lawsuit against Ripple and its executives in December 2020.
As a result, several exchanges removed XRP from their platforms to avoid potential legal complications.
Some exchanges have reconsidered relisting XRP subsequent to Judge Torres' ruling in July.
The SEC has been actively investigating other cryptocurrency firms for potential violations of securities laws, including prominent entities such as Binance and Coinbase.
Asset manager Grayscale recently achieved a legal victory against the SEC in relation to a Bitcoin exchange-traded fund application.
This case holds significant importance in shaping how securities regulators may regulate cryptocurrencies in the future.
Neither Ripple nor the SEC have provided any comments on these recent developments
