There will be no SEC appeal in the Ripple case. Judge Torres decided to ignore almost all of the US regulator's complaints
A high-profile court case related to one of the most popular cryptocurrency projects is coming to an end.
All signs in heaven and on earth indicate that the almost three-year-long court case between the US Securities and Exchange Commission (SEC) and the popular cryptocurrency company Ripple Labs regarding the XRP token is coming to a final end. The American financial market regulator faced a decisive rejection of its request to appeal against the opinion issued by Judge Analisa Torres in July.
The SEC ultimately has to accept defeat
U.S. District Court Judge Analisa Torres ultimately denied a request from the Gary Gensler-led Commission to open the door for the SEC to appeal the woman's verdict in July this year.
At this point, it is worth recalling that since December 2020, Ripple has been engaged in a difficult and demanding legal battle with the American financial regulator over whether their digital currency - XRP - is an unregistered security or whether it should be classified as a commodity. An important and decisive element in this case is that Torres this summer opted for the latter version, ruling that in terms of retail trading, XRP definitely cannot be classified as a security.
In response to this event, in August the SEC filed an appeal against this decision, but the commission in no way failed to present specific arguments that it was necessary to re-examine the entire case from the beginning. The only thing that SEC officials have presented is that they simply disagree with Torres and that perhaps new regulations are necessary to look at the entire process differently. People focused on the cryptocurrency sector should bear in mind that Gary Gensler faced open criticism from the broadly understood legal community, which described his attitude as a clear and unprecedented manifestation of hypocrisy.
By all indications, one of the final blows in this case was that on October 3, Judge Torres fully denied the SEC's motion to appeal. As she explained, the US financial regulator has provided absolutely no solid and convincing evidence that there are legal issues or that there are other significant grounds for disagreement on the verdict in this court case. Fortunately for Ripple Labs representatives, the institution of a veto in the form of the "I disagree" statement has no legal force in this case.
Continuation of the duel between Ripple Labs and SEC
Finally, let us point out that the decision issued by Judge Torres does not mean that the SEC will not be able to present its other objections to the operation of the popular company Ripple Labs. This is because Judge Analisa Torres has scheduled a hearing for April 23, 2024, during which all remaining controversial issues regarding the XRP token are to be resolved.