Ripple V SEC UPDATE: Judge DENIES SEC Appeal!
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October 4, 2023 9:52 am
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Judge Torres recently shot down a desperate and grasping Securities and Exchange Commission (SEC).
According to a recent court filing, the Judge overseeing the SEC vs. Ripple lawsuit denied Ripple’s motion for an interlocutory appeal—now the most important elements of the case have been resolved.
The court cited the SEC’s clear argumentation based on asserting the Howey test and how the agency conclusively failed to prove that XRP, in and of itself, is a security.
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Judge Torres went on to say that the SEC can not have based the whole case around the Howey test only to change course now and request an appeal based on other factors entirely.
Prominent members of the crypto community and the press presented the accompanying court material:
BOOOOOOOOOOOOOOOOOM!!!!
Green light for institutions and Banks in the United States of America. 🇺🇲
Judge Torres denied the SEC appeal!
Congrats #XRPHolders, you deserve it. pic.twitter.com/P90JJupQ0E
— JackTheRippler ©️ (@RippleXrpie) October 3, 2023
The @SECGov’s motion for leave to file an interlocutory appeal in the @Ripple case has been DENIED. 👇🏼
“…the SEC's motion for certification of interlocutory appeal is DENIED, and the SEC's request for a stay is DENIED as moot.”
Full doc here: https://t.co/VzhzrleM85 https://t.co/eWhv6VtNtW pic.twitter.com/krt6uEaU8e
— Eleanor Terrett (@EleanorTerrett) October 3, 2023
Coin Telegraph had more on the story:
In an Oct. 3 court order, Judge Torres denied the SEC’s motion, claiming that the regulator failed to meet its burden to show that there were controlling questions of law or that there were substantial grounds for differences of opinion on the matter.
“The SEC’s motion for certification of interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot.”
One XRP analyst explained: “In denying the SEC’s interlocutory appeal, the court exposes how the SEC argued for Howey’s application, not larger questions of law (which Ripple, et al, argued). Then in appeal, the SEC reversed tack. Now the court asserts their proper interpretation of Investment contract”!”
In denying the SEC's interlocutory appeal, the court exposes how the SEC argued for Howey application, not larger questions of law (which Ripple, et al, argued). Then in appeal, the SEC reversed tack. Now the court asserts their proper interpretation of Investment contract"! pic.twitter.com/nNsDqDemzO
— WrathofKahneman 🪝 (@WKahneman) October 3, 2023
Blockchain influencer and analyst Crypto Rover offered his perspective: “The SEC appeal to XRP not being a security has been denied! Ripple has cleared all hurdles for the next bull run. I wouldn’t be surprised if it becomes a top 5 coin.”
The SEC appeal to $XRP not being a security has been denied!
Ripple has cleared all hurdles for the next bull run. I wouldn't be surprised if it becomes a top 5 coin. pic.twitter.com/uWT1riI7Vj
— Crypto Rover (@rovercrc) October 4, 2023
CoinDesk added:
The judge set an April 2024 trial date for other issues that still need resolution. The agency could still try to appeal the entire case following that trial.
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