BTC

$98692.372

0.35%

ETH

$3310.967

-1.77%

BNB

$629.739

1.19%

XRP

$1.463

21.89%

News

SEC Crypto Appeal Rejected: Judge’s Decision Stuns the Market

October 4, 2023 - Around 2 mins mins to read

Key Points:

  • US District Judge denies SEC’s appeal request in XRP case.
  • XRP surges 6.3% after ruling, up 58% this year.
  • Impact on crypto industry’s stance on securities regulation.
US District Judge Analisa Torres has denied the US Securities and Exchange Commission’s (SEC) SEC crypto appeal XRP, does not constitute a security when sold to the general public.
SEC Crypto Appeal Rejected: Judge's Decision Stuns the Market

The ruling, which came on Tuesday in Manhattan federal court, marks a pivotal moment in the ongoing legal battle between the SEC crypto appeal and Ripple.

XRP Case Update

The SEC crypto appeal needed Judge Torres’s permission to appeal her ruling as it was not considered a final judgment. Additionally, the SEC crypto appeal was seeking to put its suit against Ripple, which alleges the offering of unregistered securities, on hold while the appeal process was pending.

XRP’s Remarkable Surge

SEC Crypto Appeal Rejected: Judge's Decision Stuns the Market

Following the denial of the SEC crypto appeal’s request to appeal, Ripple’s XRP token experienced a notable surge, climbing as much as 6.3%. It eventually settled near 54 cents as of 7:20 p.m. in New York on Tuesday. This decision brought relief to XRP investors and marked a 58% gain for the token this year, outpacing a 33% advance in a benchmark index of the top 100 digital assets.

Judge Torres’s ruling was widely seen as a victory for the cryptocurrency industry, which has been adamant in its resistance to classifying digital assets as securities subject to regulatory oversight. In her July 13 decision, Judge Torres made a crucial distinction between sales of XRP to institutional investors, which she deemed subject to federal securities law, and sales to the general public on cryptocurrency exchanges.

Ripple had vehemently opposed the SEC crypto appeal’s request to appeal, arguing that the agency was rushing the process and addressing a legal question that has broad implications for the entire digital asset industry.

    DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

    SEC

    SEC Crypto Appeal

    Avatar of Annie

    Author

    Annie

    Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
    News

    SEC Crypto Appeal Rejected: Judge’s Decision Stuns the Market

    Key Points:

    • US District Judge denies SEC’s appeal request in XRP case.
    • XRP surges 6.3% after ruling, up 58% this year.
    • Impact on crypto industry’s stance on securities regulation.
    US District Judge Analisa Torres has denied the US Securities and Exchange Commission’s (SEC) SEC crypto appeal XRP, does not constitute a security when sold to the general public.
    SEC Crypto Appeal Rejected: Judge's Decision Stuns the Market

    The ruling, which came on Tuesday in Manhattan federal court, marks a pivotal moment in the ongoing legal battle between the SEC crypto appeal and Ripple.

    XRP Case Update

    The SEC crypto appeal needed Judge Torres’s permission to appeal her ruling as it was not considered a final judgment. Additionally, the SEC crypto appeal was seeking to put its suit against Ripple, which alleges the offering of unregistered securities, on hold while the appeal process was pending.

    XRP’s Remarkable Surge

    SEC Crypto Appeal Rejected: Judge's Decision Stuns the Market

    Following the denial of the SEC crypto appeal’s request to appeal, Ripple’s XRP token experienced a notable surge, climbing as much as 6.3%. It eventually settled near 54 cents as of 7:20 p.m. in New York on Tuesday. This decision brought relief to XRP investors and marked a 58% gain for the token this year, outpacing a 33% advance in a benchmark index of the top 100 digital assets.

    Judge Torres’s ruling was widely seen as a victory for the cryptocurrency industry, which has been adamant in its resistance to classifying digital assets as securities subject to regulatory oversight. In her July 13 decision, Judge Torres made a crucial distinction between sales of XRP to institutional investors, which she deemed subject to federal securities law, and sales to the general public on cryptocurrency exchanges.

    Ripple had vehemently opposed the SEC crypto appeal’s request to appeal, arguing that the agency was rushing the process and addressing a legal question that has broad implications for the entire digital asset industry.

      DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.