The U.S. Securities and Exchange Commission (SEC) encountered another setback in its legal battle with Ripple, the blockchain firm associated with the XRP cryptocurrency, as its plea for an appeal was denied by a federal judge.
Following this announcement, XRP’s value experienced an uptick, increasing by approximately 5%.
District Judge Analisa Torres delivered a concise verdict on Tuesday, stating the SEC didn’t sufficiently prove there were pertinent legal questions at hand or significant grounds for differing viewpoints.
While this development doesn’t signify a total defeat for the SEC, the path forward isn’t crystal clear. Judge Torres has slated an April 2024 trial to address remaining unresolved matters. Consequently, the SEC might attempt to challenge the overall case once more post this trial.
Circling back to a prior decision in July, Judge Torres had concluded that Ripple transgressed federal securities regulations when it sold XRP to institutional stakeholders directly. However, this infraction was not extended to XRP’s distribution to general consumers via automated sales on trading platforms. This judgment raised questions about the regulatory scope securities watchdogs might have over the crypto domain.
Following the July decision, the SEC proclaimed its intention to register an interlocutory appeal and aimed to pause further judicial proceedings while it sought a higher court’s scrutiny of Judge Torres’ determination.
Representatives for both Ripple and the SEC have yet to respond to media inquiries regarding this latest development.
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