In breaking news, the Judge presiding over the case of the United States Securities and Exchange Commission (SEC) against Ripple has just released a much-anticipated ruling. Late Tuesday local time, District Judge Analisa Torres denied the SEC request for certification of interlocutory appeal, stating, “The SEC’s motion for certification of interlocutory appeal is DENIED, and the SEC’s request for a stay is DENIED as moot.”

The motion was filed by the agency after Judge Torres had ruled that XRP itself is not a security, marking a partial win for Ripple in the long-standing legal case.

Related: SEC Delays Resolution in Ripple Case

With a jury trial expected in 2024, the SEC’s filing questioned the court ruling on sales of some XRP, particularly those involving institutional investors. The SEC maintained that these sales violated securities laws and sought an appellate court ruling.

Shifting and Inconsistent Arguments

It is important to note that the agency is not challenging the legal status of XRP as a non-security. Judge Torres’s decision now halts the so-called interlocutory appeal from proceeding. Torres was quite clear in her ruling, stating the SEC’s position appeared to evolve or shift during the course of the legal dispute, making inconsistent statements and assertions about XRP.

“The Court further notes that in its summary judgment briefing, the SEC presented shifting and inconsistent arguments as to its legal theory…” Torres said.

Source: CoinMarketCap

At the time of writing, XRP had strongly responded to the announcement, gaining almost 5% in value according to data from CoinMarketCap. XRP is currently trading at US $0.53 ($0.85) up from US $0.51($0.81) this time yesterday.

The post Huge Win for XRP As Judge Tosses Out SEC Motion for Interlocutory Appeal appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ October 4, 2023 2:08 am