- The SEC’s request for appeal was denied in the Ripple case.
- Ripple CEO suggests SEC’s case weakened, raising XRP’s prospects.
- The XRP Army anticipates potential bull run as legal battle unfolds.
In a significant turn of events, the U.S. Securities and Exchange Commission (SEC) faced another setback in the ongoing legal battle against Ripple Labs.
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In Particular, lead lawyer John Deaton, representing thousands of XRP holders, confirmed that Judge Torres has denied the SEC’s request for an interlocutory appeal. This decision was relayed to Deaton via an official email from the court.
Specifically, Deaton expresses his gratitude to XRP holders, emphasizing that their relentless support played a pivotal role in securing this victory. He lauded them as the true heroes behind this successful outcome.
The lawyer also highlighted the robustness of Judge Torres’ order, describing it as “untouchable”. Torres’ decision notably incorporated evidence provided by XRP holders into her findings of fact. Throughout the case, Deaton consistently asserted that the judge’s decision would rest on the specific facts of this lawsuit.
To highlight, Judge Torres clarified that her ruling did not imply that no digital asset could ever be classified as a security when sold on an exchange. Rather, her decision hinged on the specific circumstances surrounding XRP and its association with Ripple.
She emphasizes that the SEC, in fact, failed to prove a direct link between XRP’s sale and Ripple’s efforts. Notably, the SEC had relied on an expert witness, but the court ultimately excluded their testimony.
The denial of the SEC’s interlocutory appeal is a significant development in the legal battle between the regulator and Ripple Labs. It marks another victory for XRP holders and further strengthens Ripple’s position in the lawsuit.
As the case continues to unfold, stakeholders in the crypto industry are closely watching the implications of this decision on the broader regulatory landscape for digital assets. The outcome could set a precedent for how regulators approach the classification of cryptos in the future, emphasizing the importance of factual evidence in such determinations.
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