A legal struggle that has been going on for a long time in America and closely affects the crypto world was experienced. The federal judge rejected the appeal of the US Securities and Exchange Commission (SEC) to the previous court decision against cryptocurrency company Ripple Labs. Judge Analisa Torres, in her decision after examining the SEC’s appeal application, emphasized that the appeal did not demonstrate that the current court decision was sufficiently erroneous or problematic.

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In July, Ripple Labs secured a partial victory when the court ruled that the sale of XRP to exchanges or payment to employees should not fall under the category of a security. Judge Torres’ rejection decision could be a turning point in favor of this crypto company, while the SEC has not yet given up.

Legal Clash Shaping Crypto Market Landscape

The SEC hoped for a federal appeal court to review the decision before reaching a final verdict in April.However, Judge Torres’ rejection decision lead to the Ripple case entering a new stage. The US Securities and Exchange Commission reserves the right to appeal after April 2024.

These latest developments have significant effects on the future of the crypto currency market. The July court decision, coupled with the classification of XRP as a non-security, sent shockwaves through the crypto world. This development propelled XRP’s value by over 90%, challenging the prevailing perception that many considered cryptocurrencies as securities.

The crypto community and investors are closely following this legal battle between SEC and Ripple. The ongoing case may have a decisive effect on the regulation of the crypto market and future investments. During this process, investors should be careful when evaluating the value of their crypto assets and regulatory risks.

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The post The Court Rejects SEC’s Appeal in Ripple Case! appeared first on Coin Engineer.

In the evening, the cryptocurrency markets witnessed one of the most substantial movements in recent history. A noteworthy breakthrough emerged in the ongoing legal battle between Ripple and SEC, favoring XRP. The court judge declared that the sale of XRP cannot be considered an investment contract offering and that the XRP sold to the public may not be classified as a security.

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Following these significant developments, the crypto markets particularly XRP, underwent a notable upward surge. The price of the coin soared by over 80%, propelling it to the position of the fourth-largest cryptocurrency by market capitalization.

Following the unexpected surge in XRP, Uphold, facilitating it purchases in the USA, experienced a significant outage. Access to the platform and stock market remained inaccessible for an extended period.

Meanwhile, between these unfolding events, an additional piece of news emerged from the Gemini stock market. Gemini revealed that it is actively exploring the possibility of listing it for both spot trading and derivatives transactions, conducting a thorough investigation into the matter.

Statement from SEC

After the judge made a decision, people started paying attention to the SEC. The SEC said:

“We are happy that the court has decided that XRP tokens, when offered and sold by Ripple as investment contracts in certain situations, break securities laws. We will keep reviewing the decision.”

The reason behind the SEC’s statement is that the court considered Ripple’s corporate sales of XRP as an unlawful offering of securities that were not properly registered.

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