Sorry but that title was the best I could do, I have been out of the game for too long. But I felt it somewhat good to do the two birds with one stone thing. However, after reading about the case during its long tenure in the court. And then the partial ruling that was in favor of Ripple. Having that spoiled by the looming threat of SEC being able to file an appeal seemingly whenever they felt like it for the foreseeable future. So being elated by this ruling is to put it mildly.
Court denies the SEC appeal
District Judge Analisa Torres said in her ruling that the SEC has failed to meet the burden of proof regarding any unclarity surrounding the law or made any argument of substance for a different opinion. Sadly there is still some wiggle room for the snake in the grass, as there are still some technicalities that would allow them to appeal the case again.
I am talking about the fact that there are still unruled issues remaining in the case. They have gotten a court date set for April next year. And not being a legal expert, I think the problem is this. The judge has ruled on some of the issues, and $XRP only sometimes being a security was one of those things ruled on. What the SEC has done is appeal that specific ruling. As the overall case is still ongoing, the SEC has the ability to appeal all of it after the case is finished.
Lady Justice sees no merit in the SEC appeal, at least for now. Not really sure she sees much of anything, giving the whole "justice is blind" part.
But seeing how they were shut down this time, I only think an appeal of the whole case will be done if the majority of things go against the SEC or if there are some major things. But they still need to be able to argue for why that appeal should take place. And if they do just as fine a job of that appeal as they did with this one we should be safe. ^^ And even if they get an appeal, fingers crossed that the ruling would remain the same on the security point. And unless they find some new trick up their sleeve, invent some new facts, or get a crypto-hating judge I don't really think that point will be changed, appeal or no appeal.
The judge slapping down the SEC appeal was seen as some major positive news for the $XRP crowd, as it saw the price rally ~5%.
Other Ripple news
There where also some more positive news surrounding Ripple, other than the courts slapping Garry. And that was that they apparently were able to snag up a major payments institution license in Singapore enabling them to offer key services. Exactly what this enables them to do, other than continue to do what they are doing I am not sure about. I have not been able to find any specific information about it. But it at least should mean they are free to operate as they are in Singapore.
Crypto or no crypto, Singapore has definitely caught my interest and looks to be a very interesting place, and one well worth a visit. It is definitely high up on my bucket list.
And according to Ripple over 90% of their business is outside of the US, and Singapore along Asia Pacific is one of their fastest growing regions. Meaning good things for Ripple.
And this is also seemingly good news as the very new Singapore PM has been somewhat of a crypto critic. And while this application most likely where sent in before the recent election, I think if he were super opposed to it he should have been able to stop it or at least postpone it.
But I would like to hear about your thoughts on the court ruling, and on $XRP in general. Is that a project you are interested in, and if so what about it is it that has caught your eye? As always feel free to type away in the comment section below.
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