In the legal battle between the US Securities and Exchange Commission (SEC) and Ripple, a federal judge has rejected the SEC's attempt to appeal its earlier loss against the crypto company associated with the XRP token.
The decision was handed down by District Judge Analisa Torres. It has both immediate and future implications for the case and the cryptocurrency industry as a whole.
Continuation of Legal Proceedings
In her brief ruling issued on Tuesday, Judge Torres stated that the SEC had not met its burden under the law to demonstrate that there were controlling questions of law or substantial grounds for differences of opinion that warranted an appeal. This decision, while a setback for the SEC, does not mark the end of the legal proceedings.
Judge Torres has scheduled a trial date for April 2024 to address other unresolved issues in the case. That indicates there are still matters that require resolution. The SEC retains the option to attempt an appeal of the overall case in the future.
The @SECGov’s motion for leave to file an interlocutory appeal in the @Ripple case has been DENIED. ???????? “…the SEC's motion for certification of interlocutory appeal is DENIED, and the SEC's request for a stay is DENIED as moot.” Full doc here: https://t.co/VzhzrleM85 https://t.co/eWhv6VtNtW pic.twitter.com/krt6uEaU8e
— Eleanor Terrett (@EleanorTerrett) October 3, 2023
Distinction in XRP Sales to Institutional and Retail Investors
The legal dispute stems from the judge's previous ruling in July, in which she determined that Ripple had violated federal securities laws by selling XRP to institutional investors directly. However, it did not do so by making XRP available to retail customers through programmatic sales to exchanges. This ruling introduced a level of uncertainty about the extent to which securities regulators could effectively oversee the cryptocurrency industry.
Following the July ruling, the SEC announced its intention to file an interlocutory appeal and sought to halt any further decision-making while pursuing an appeal court review of Judge Torres' ruling. The rejection of the SEC's bid to appeal comes after XRP's price rallied approximately 5% on the news. It highlights the market's interest in the ongoing legal proceedings.
As of now, spokespeople for both the SEC and Ripple have not responded to requests for comment. It leaves the cryptocurrencycommunity and stakeholders eagerly awaiting further developments in this closely watched legal battle.
This article was written by Tareq Sikder at www.financemagnates.com.
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