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District court judge Analisa Torres has denied the United States Securities and Exchange Commission's (SEC) appeal against Ripple Labs, boosting XRP's price by nearly 6%. This signals growing investor confidence in Ripple's legal battle.
SEC's Motion Rejected by Judge Torres
In an order issued on October 3, Judge Torres dismissed the SEC's motion, asserting that the regulator failed to demonstrate controlling questions of law or substantial grounds for differences of opinion in the case. Although the SEC didn't face an outright defeat, Judge Torres decided to schedule a trial to address the remaining issues, notes the Cointelegraph.
Marked for April 23, 2024, the trial will delve further into the legal aspects surrounding Ripple Labs and the XRP token, Coindesk reported. This development leaves the lawsuit's outcome hanging and awaits further proceedings in the court.
XRP Price Surges on News
News of the SEC's failed appeal brought hope for Ripple Labs and XRP holders. Immediately following the rejection, the price of XRP witnessed a significant surge of nearly 6%.
This positive market reaction suggests the increased investor confidence in Ripple Labs' case against the SEC. TradingView data confirms this sudden boost in XRP's value.
Judge Torres had partially favored Ripple Labs on July 13, highlighting a prior ruling. The judge declared that retail sales of the XRP token didn't align with the legal definition of a security.
However, the court found Ripple Labs violating securities laws for directly selling XRP to institutional investors. This mixed ruling set a precedent for the ongoing legal battle.
In response to the partial ruling in favor of Ripple Labs, the SEC moved to appeal, citing "substantial ground for differences of opinion" regarding the applicable laws. The regulatory body sought to overturn the court's decision and reinforce its position concerning XRP's classification. However, Judge Torres' recent appeal rejection puts the SEC's arguments in a precarious position.
The SEC first initiated a lawsuit against Ripple Labs, its CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020. This legal action prompted several cryptocurrency exchanges to delist the XRP token to avoid potential legal complications.
However, following the prior ruling by Judge Torres in July, many crypto firms expressed intentions to relist or consider relisting XRP in the future.
