In the ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple, Judge Analisa Torres has delivered a blow to the SEC by rejecting their motion for an interlocutory appeal. This rejection indicates that the case will either proceed to trial in April or potentially be dismissed. Additionally, legal experts believe that the SEC’s chances of a successful appeal are diminishing given the current legal landscape.
The news of Judge Torres’ decision was first shared on Twitter by Jeremy Hogan, an attorney closely following the Ripple case. According to Hogan, the judge’s decision not only rejected the SEC’s appeal, but it also allowed her to further explain her ruling, making an appeal even more challenging for the SEC. This setback for the agency has implications for the outcome of the case and potential consequences for Ripple and its digital asset XRP.
Legal expert Scott Chamberlain commented on the situation, stating that the SEC now faces an uphill battle in trying to win the case. He suggests that the case may not reach the Supreme Court due to the weakened appeal stance of the SEC caused by the factual backdrop surrounding the case. The Ripple community and other legal experts, including Fred Rispoli and Attorney Jeremy Hogan, have also voiced their opinions on the recent developments, with Hogan endorsing Chamberlain’s remarks.
Judge Torres clarified in her ruling that the prior July 13 decision did not address overarching legal questions as argued by the SEC. She emphasized that the ruling did not lead to varying interpretations and that the SEC did not provide significant reasons for a different opinion. As a result, the interlocutory appeal was denied. This means that the SEC will have to wait for the remaining aspects of the lawsuit, notably the upcoming trial, before pursuing a full appeal.
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Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted the significance of Judge Torres’ July 13 decision, referring to it as the prevailing “law of the land.” This decision determined that XRP is not inherently a security and differentiated between Ripple’s institutional sales of XRP and other distributions. Unless the SEC successfully overturns this decision in the Second Circuit or Supreme Court, it will remain definitive.
Based on the current legal developments, it appears that the SEC’s options for appeal are diminishing. If the lawsuit continues to favor Ripple and provides clarity on the status of XRP, it could potentially lead to a surge in the price of XRP. Historical market reactions to favorable legal outcomes in the crypto industry have shown positive results, and this case could be no exception.
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