Ripple Triumphs Again: SEC's Appeal Falls Short
The U.S. Securities and Exchange Commission's (SEC) recent effort to overturn its court defeat against crypto heavyweight Ripple Labs hit a brick wall. U.S. District Court Judge Analisa Torres confirmed her previous ruling on Tuesday, stating that Ripple's sale of its XRP crypto token wasn't an illegal unregistered securities offering.
Judge Torres’ earlier verdict, from July, underscored that Ripple's XRP token “is not necessarily a security on its face.” The SEC's attempt to challenge this decision, hoping to present the case to a federal appeals court before its conclusion, was unfruitful.
Ripple reaped the benefits of this minor victory as the XRP token surged by 6.8% to $0.54, before eventually steadying at $0.53, as per CoinGecko data.
While this comes as a setback for the SEC, they'll have another shot at challenging Judge Torres' decision, but only after the case sees its formal end post-trial in April.
The fervent interest in this case stems from its challenge to the SEC's standing argument that most cryptocurrency entities engage in illicit securities ventures. Following Judge Torres’ initial July ruling, the overall crypto market swelled by $73.5 billion, achieving a total market cap of $1.3 trillion, with XRP surging by over 66%.
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