Ripple Triumphs Once More
In the month of July, the SEC initiated an interlocutory appeal against the verdict rendered by Judge Torres, contending that substantial disparities of opinion existed regarding the current issue.
In a concise decision delivered on October 3rd, Judge Torres dismissed the SEC’s motion, asserting that the agency had failed to meet its burden of proof—essentially, the SEC could not establish the existence of pivotal legal questions giving rise to significant disparities of opinion on the matter.
The news of this development swiftly reverberated throughout Crypto Twitter, marking yet another triumph for Ripple. Concurrently, XRP embarked on a spirited ascent, presently trading at $0.53, as reported by CoinGecko.
However, it would be unwise to prematurely anticipate victory; Ripple’s continued existence does not equate to an outright defeat for the SEC. It is highly probable that the commission will endeavor to initiate another appeal in due course. Furthermore, the Judge has scheduled April 16, 2024, as the trial date for addressing other pending matters.
The protracted legal skirmish between Ripple and the SEC has been unparalleled in the annals of cryptocurrency, originating in late 2020.
In most instances, crypto ventures that have clashed with the SEC have opted for settlements. Nevertheless, Ripple deviates from this pattern, as its executives, Brad Garlinghouse and Chris Larsen, have publicly declared their intent to engage in a protracted legal battle with the SEC.
To date, Ripple has incurred legal expenditures exceeding $200 million and is currently represented by the legal firm Cleary Gottlieb Steen & Hamilton LLP.
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