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The US Securities and Exchange Commission (SEC) has lost its motion to appeal an earlier ruling that declared Ripple‘s cryptocurrency XRP not a security.
According to US District Court Analisa Torres, the SEC has failed to convince the court why the ruling that sales of XRP directly to investors wasn’t a security offering should be overturned.
XRP price rose more than 8% on Tuesday night following the news, trading to highs of $0.54. On-chain data by Santiment shows that the increased positivity around XRP catapulted community discussion on what’s next for Ripple vs. SEC to levels last seen in mid-July.
At the time of writing, XRP/USD was changing hands near $0.52 with its price up 3.6%.
What does this mean for SEC vs. Ripple case?
Judge Torres’ rejection of SEC’s interlocutory appeal request is another win for Ripple Labs, the San Francisco-based blockchain company behind XRP that has maintained since the beginning of this court battle that their crytocurrency token is not a security.
More so, it’s a reflection of the broader criticism against the regulator’s seemingly blatant categorization of nearly all cryptocurrencies as securities. But pro-crypto lawyer John E. Deaton believes the judge’s latest decision makes it “clearer” that other than Bitcoin, XRP is the other crypto asset with “legal clarity.”
🚨NEW: I asked @JohnEDeaton1 what his initial reaction was to Judge Torres’s ruling. He told me:
“She made clear that her decision was about #XRP in this case. In sum, she made it even clearer that, excluding Bitcoin, XRP is the only digital asset with legal clarity.”— Eleanor Terrett (@EleanorTerrett) October 4, 2023
On what happens next after this ruling, experts opine that the SEC can still pursue an appeal. However, this will now have to wait until the case against Ripple finalizes in 2024.
don't get too excited about the denial of SEC's interlocutory appeal in Ripple…it doesn't mean the SEC "lost its appeal"…it means that if the SEC wants to appeal it has to appeal everything at once after the trial…
still, some useful clarifications of Torres' opinion— _gabrielShapir0 (@lex_node) October 3, 2023
The post Ripple wins again as judge denies SEC’s appeal appeared first on Invezz.
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