Judge rejects SEC’s motion to file an appeal against Ripple ruling

MARKET_WATCH Crypto

District Court Judge Analisa Torres has rejected the United States Securities and Exchange Commission’s motion to appeal its loss against Ripple Labs, the company responsible for issuing the XRP token.

 

In an Oct. 3 court order, Judge Torres denied the SEC’s motion, claiming that the regulator failed to meet its burden to show that there were controlling questions of law or that there were substantial grounds for differences of opinion on the matter. “The SEC’s motion for certification of interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot.”

Notably, the decision isn’t an outright loss for the regulator, as judge Torres scheduled a trial for April 23, 2024, to address the remaining issues in the matter.

 

The price of XRP surged nearly 6% immediately following the news, according to data from TradingView.

On July 13, Judge Torres ruled partially in favor of Ripple, declaring that retail sales of the XRP token did not meet the legal definition of a security. The court did find, however, that Ripple had violated securities laws by selling XRP tokens directly to institutional investors.

 

In August, the regulator moved to appeal this decision, arguing that there was “substantial ground for differences of opinion” on the laws at hand.

 

Ripple Labs and the SEC did not provide an immediate response to the request for comment by Cointelegraph at the time of publication.

 

The SEC first filed its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen in December 2020, prompting many exchanges to delist the XRP token to avoid potential legal concerns. Following Torres’ ruling in July, many crypto firms said they would relist the token or explore doing so in the future.

 

The commission has targeted a number of crypto firms in recent months over allegations of securities violations, including major cryptocurrency exchanges Binance and Coinbase.

 

On Aug. 29, asset manager Grayscale notched a court victory against the SEC following an appeal ordering a review of its application for a spot Bitcoin exchange-traded fund.

 

 

Source : Cointelegraph By Tom Mitchelhill / October 04, 2023

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.