- 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.
A significant development took place in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs. Specifically, the SEC‘s request to file an interlocutory appeal has been denied. This decision by the court marks a pivotal moment in the case. In fact, it even opens potential implications for the classification of XRP as a security.
Ripple CEO Brad Garlinghouse reacted to the decision by stating that, although he is not a lawyer, it appears that the court has sent a clear message to the SEC. From the post above, this assertion suggests that the court’s denial of the SEC’s request is a significant blow to the regulatory body’s case.
In addition, the Chief Legal Officer at Ripple marks the importance of the court’s previous ruling from July 13. This ruling declared XRP not to be a security. According to Ripple’s legal team, this ruling remains the law of the land. In particular, it reinforces their position that XRP should not be classified as a security.
Meanwhile, legal experts and observers have weighed in on the development, with one lawyer noting that the SEC’s unsuccessful attempt to secure an interlocutory appeal has left it with a challenging factual record. In turn, he believes that it could make a successful appeal in the future more difficult.
Furthermore, it reduces the likelihood of the case reaching the Supreme Court. After all, there are no major legal questions to address, but rather a complex application of existing law to a disputed factual scenario.
Some in the XRP community believe that this development will pave the way for a resolution in Ripple’s favor. They speculate that the case may be quietly settled or dropped, allowing Ripple to move forward.
This has led to anticipation among the XRP Army, with expectations of a potential bull run for the crypto in the near future. While the legal battle between Ripple and the SEC continues, the XRP community remains optimistic about the future of the digital asset and its potential for growth.
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