Recently, District Court Judge Analisa Torres dismissed the U.S. Securities and Exchange Commission’s (SEC) motion to appeal against Ripple Labs, the company responsible for issuing XRP tokens. Judge Torres said in an Oct. 3 court order that the SEC failed to meet its burden to prove that there was a controlling legal issue or that there was good cause for a difference of opinion on the matter.
Still, the decision is not a complete loss for the regulator, as Judge Torres has scheduled a trial for April 23, 2024, to resolve the remaining issues in the matter. Notably, the price of XRP surged by nearly 6% immediately following the news, according to TradingView data.
Previously, Judge Torres ruled in part in favor of Ripple on July 13, declaring that retail sales of XRP tokens did not meet the legal definition of a security. However, the court did find that Ripple violated securities laws by selling XRP tokens directly to institutional investors. After the ruling, the SEC announced it would seek to appeal the decision, writing in a separate lawsuit that parts of the case were "erroneously decided" and would seek further review.
Still, the decision is not a complete loss for the regulator, as Judge Torres has scheduled a trial for April 23, 2024, to resolve the remaining issues in the matter. Notably, the price of XRP surged by nearly 6% immediately following the news, according to TradingView data.
Previously, Judge Torres ruled in part in favor of Ripple on July 13, declaring that retail sales of XRP tokens did not meet the legal definition of a security. However, the court did find that Ripple violated securities laws by selling XRP tokens directly to institutional investors. After the ruling, the SEC announced it would seek to appeal the decision, writing in a separate lawsuit that parts of the case were "erroneously decided" and would seek further review.