The court rejected the SEC's appeal against Ripple after the latter finally won the case. In a few hours, XRP rose by 5% on the market.
According to Judge Analisa Torres, the SEC was unable to demonstrate that the "questions of law" inherent to the matter could fall under the agency's jurisdiction, but unfortunately the issue is not yet completely closed.
The trial was postponed to April 2024 to clarify unresolved issues, so the SEC still has a chance to file an appeal. Previously, Ripple was granted that while it violated federal securities laws by “directly” selling XRP to institutional investors, it did not do so by selling the token to retail customers through the usual means of exchange between CeFi and DeFi.
Ripple's victory, albeit partial, represents a real turning point, having called into question the activity of the most important US regulatory authority in the crypto sector. And, perhaps also for this reason, the SEC is moving to suspend any further decision-making process in parallel with the request for review of the ruling.
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