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Ripple Labs Triumphs in Legal Battle Against SEC

A federal judge denies the SEC's appeal in the Ripple case, marking a significant setback for cryptocurrency regulation efforts.
Published on 2023-10-04

Ripple's Legal Victory

A federal judge recently denied the U.S. Securities and Exchange Commission's (SEC) request to appeal a crucial decision in its ongoing case against Ripple Labs. This ruling is considered a significant setback for the SEC in its efforts to regulate cryptocurrency markets. In July, U.S. District Judge Analisa Torres determined that Ripple's sale of XRP digital tokens on public exchanges did not violate federal securities laws. This was primarily because purchasers had no reasonable expectation of profit based on Ripple's activities.

Judge Torres' Ruling

The SEC aimed to appeal Judge Torres' findings regarding "programmatic" sales of XRP and its use as payment for services. The regulator argued that an appeal was essential for numerous ongoing lawsuits. However, Judge Torres found no substantial grounds for differing opinions on her conclusions and did not believe an appeal would expedite the case's resolution. This decision aligns with another ruling by U.S. District Judge Jed Rakoff, who recognized a plausible claim by the SEC against Terraform Labs regarding their Terra USD token.

Implications for the Cryptocurrency Market

The SEC has consistently maintained that many digital assets, including XRP, are securities akin to stocks and bonds, thus falling under its regulatory purview. This stance has led to multiple lawsuits, including high-profile cases against major platforms like Binance and Coinbase. While the Ripple case is set for trial in April 2024, this recent development underscores the ongoing legal complexities within the cryptocurrency sector.

Future of XRP and SEC's Regulatory Efforts

The outcome of this legal battle holds significant implications for the future of XRP and the broader cryptocurrency landscape. It challenges the SEC's authority and approach to regulating digital assets. As the trial approaches, the cryptocurrency community continues to watch closely, anticipating further developments that could reshape the regulatory framework for digital currencies in the United States.

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