SEC Loses Again—Landmark Ripple Rule Appeal Denied

The U.S. Securities and Exchange Commission (SEC) failed to convince a federal judge to overturn a recent high court ruling against crypto firm Ripple Labs, according to a court ruling on Tuesday.

U.S. District Court Judge Annalisa Torres – Man Bought in July Selling Ripple cryptocurrency tokens directly to consumers did not constitute illegal unregistered securities offerings — the SEC wrote late Tuesday that it failed to show on appeal that the decision was sufficiently flawed or problematic. The regulator had hoped to overturn the decision before a final ruling on the case was made next spring.

The news is another win for Ripple – albeit a small one – and the market reacted. The company's XRP token jumped 6.8% to $0.54, before settling at $0.53 in writing. CoinGecko.

The SEC will still have the opportunity to appeal Judge Torres' decision, but only once the case has formally gone to trial on the remaining issues next April.

That news is certainly disappointing for the SEC, which had hoped to mitigate the damage caused by the loss of headlines to Ripple, citing Torres' decision as many. “Legal Problems” The case should be reviewed by the federal appeals court before it is finalized.

The issue has probably gotten a lot of breathless attention from pro-crypto advocates and the SEC itself because it's probably the most full-throated in the SEC's current stance that most cryptocurrency companies are involved in illegal securities schemes.

In her July ruling, Judge Torres said Ripple's XRP token is “not necessarily a security on its face.”

The day after that judgment, the sum of the crypto market It grew by $73.5 billion., with a capitalization of about 1.3 trillion dollars. XRP rose more than 66 percent during the same period.