In a significant development in the legal battle between Ripple and the Securities and Exchange Commission (SEC), Judge Analisa Torres has rejected the SEC’s motion to appeal the Ripple ruling.
This decision comes as another win for Ripple, the blockchain payment company, as it fights allegations of conducting an unregistered securities offering.
Judge Rejects SEC’s Motion To Appeal in Ripple Case
According to court documents, the SEC’s motion for leave to file an interlocutory appeal has been denied. The court ruled that the SEC failed to provide sufficient evidence to demonstrate that the “speculative motive derived from the entrepreneurial or managerial efforts of others” for the Programmatic Buyers who purchased XRP, Ripple’s native cryptocurrency.
Judge Torres emphasized that granting an interlocutory appeal would only prolong the litigation process, potentially leading to multiple rounds of appellate review.
Instead, Judge Torres emphasized the importance of advancing the case to a final judgment, which would allow for a single round of appellate review on a complete record.
The denial of the SEC’s motion for interlocutory appeal reinforces Ripple’s position and sets the stage for the trial, scheduled to begin on April 23, 2024. The court has directed the parties to adhere to the previously set deadlines for pretrial filings, including motions in limine, and submit required documents such as the joint pretrial order, requests to charge, verdict form, and voir dire questions.
On The Verge Of A Major Victory?
While the litigation process is expected to be extensive, Judge Torres’ decision further strengthens Ripple’s legal standing and provides momentum to the company’s defense against the SEC’s allegations.
The trial will likely involve complex legal and factual issues surrounding Ripple’s Programmatic Sales, Other Distributions, and fair notice defenses.
However, following Ripple’s partial victory on July 13 and the recent denial of the SEC’s motion, the crypto company appears to be on the brink of a significant triumph that could establish a precedent for the emerging industry as a whole.
This potential win not only holds great implications for the company but also for other cryptocurrencies that are currently under scrutiny by the US regulatory watchdog, as it may shape the classification of these digital assets as commodities and not securities.
With the SEC’s resources being denied, Ripple’s favorable position is strengthened, increasing the likelihood of a substantial victory with far-reaching consequences.
In response to Judge Torres’ recent ruling, there has been a notable positive reaction on XRP’s price. Following the disclosure, the cryptocurrency experienced a surge of 4.5%, indicating a renewed upward momentum and setting its sights on reclaiming the $0.6000 level.
Featured image from Shutterstock, chart from TradingView.com