SEC suffers yet another setback in its case against Ripple Labs.
The cryptocurrency world is abuzz as Judge Analisa Torres of the Federal District Court denies the US Securities and Exchange Commission's (SEC) request for an appeal against Ripple Labs.
Judge Torres released an official court document on October 3rd, stating that the SEC had not met the requirements to validate an appeal in their case against Ripple Labs.
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According to the Judge's explanation, the SEC had failed to identify significant legal questions or areas of contention that warranted further review.
The SEC's motion for certification of interlocutory appeal is denied, and the SEC's request for a stay is denied as moot.
However, the regulatory agency hasn't lost the battle entirely. The Judge plans to host a hearing on the remaining issues between the SEC and Ripple on April 23rd, 2024.
It is worth noting that the SEC's request for appeal comes following July's ruling stating that the XRP token did not fit the criteria to be treated as security when sold to regular crypto users. However, Torres noted that it is, in fact, a security when sold to institutional investors.
The regulatory body sued Ripple Labs, including CEO Brad Garlinghouse and co-founder Chris Larsen, in December 2020.
Following this decision, data indicated a near 6% increase in the value of XRP, signaling a positive market reaction. At the time of writing, XRP retails for $0.5335, recording almost 5% increase in the last 24 hours.
Judge Torres' decision to deny the SEC's appeal motion serves as a notable development in the unfolding legal drama between the SEC and Ripple Labs. While a trial for unresolved issues is slated for 2024, Ripple seems to have gained some momentary respite, evidenced by XRP's uptick in the market. The case remains a focal point for many, illuminating potential future regulatory paths for the ever-evolving cryptocurrency industry.
