The judge in charge of SEC vs Ripple a rejected the call request from regulator. The price of XRP recorded a slight increase following the announcement.
Judge Analisa Torres has just dismissed the appeal request of the Security of Exchange Commission (SEC) in its lawsuit against blockchain fintech Ripplereported Bloomberg last night.
The federal agency wished to challenge the judge’s ruling that sales of XRP to retail investors did not violate federal law last July. Ripple had objected, but the judge had allowed the SEC to file an appeal, which it finally rejected on Tuesday.
The regulator needed the judge’s permission because it was not a final judgment. Indeed, despite the XRP issuer’s victory this summer, the legal battle, which has now been going on for over 2 years, still seems far from over. A new hearing is scheduled for spring 2024.
SEC’s request to file an interlocutory appeal is DENIED. I’m not a lawyer, but it looks like the Court just said to the SEC: You asked me to apply the “Howey” test, I did, and whether you like it or not, you lost.” commented Brad Galinghouse, CEO of Ripple, on X.
The XRP coursewhich had exploded in July and then quickly erased its gains, rose by around 5% to over $0.54 following the SEC’s refusal of an appeal. Its price has since retreated slightly to $0.53, up 4.1% over 24 hours.
Last night, Ripple also announced that it had been awarded a Major Payments Institution (MPI) license in Singapore.
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