SEC’s Appeal Denied
In a significant development, a federal judge has turned down the Securities and Exchange Commission’s (SEC) attempt to appeal a previous ruling in its ongoing legal battle against Ripple XRP. Ripple’s native cryptocurrency, XRP, experienced a 5% surge following this announcement.
A Setback for the SEC
District Judge Analisa Torres has scheduled the trial for unresolved issues in the case for April 2024. This means the SEC holds the option to make another appeal, but only after this trial. This sequence of events comes after Ripple XRP’s triumph in July, when the court declared it not a security, dealing a blow to the SEC’s efforts to exert control over the crypto sector. Undeterred, the SEC sought to overturn this decision, an effort now thwarted by the recent ruling.
Awaiting the Jury Trial
Judge Torres’ decision highlighted the absence of “controlling” legal questions, as argued by the SEC. The regulator and Ripple are expected to present their motions in limine for the jury trial by December 4 this year, leading up to the main trial scheduled for the second quarter of 2024.
