Things seem to be looking up for Ripple Labs and crypto as a whole.
According to a report from Coindesk, a federal judge has dismissed the United States Securities and Exchange Commission’s (SEC) plea to appeal its monumental loss against Ripple Labs, the company behind the XRP cryptocurrency.
XRP’s received a 5% pump upon release of the news.
District Judge Analisa Torres stated in a brief ruling Tuesday, October 3rd, that the SEC had failed to satisfy its burden under the law to prove that there were controlling questions of law or that there are substantial grounds for differences of opinion.
Though a loss for the SEC in one aspect of their pursuit to impose punishment upon Ripple, there are still other battles at play. The judge scheduled an April 2024 trial date for other matters still needing to be resolved. The SEC may still seek to appeal the overall case afterward.
Judge Analisa Torres previously ruled in July that while Ripple breached federal securities laws in selling XRP to institutional investors directly, it had not violated the law by making XRP available to retail customers through programmatic sales to exchanges. That decision encouraged many to question how strongly securities regulators would and could be able to control crypto.
The SEC announced after July’s ruling that it would file an interlocutory appeal and move to stay any further decision-making as it bid for an appeal court review of Judge Torres’ ruling.
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