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- XRP rose 5% after a judge rejected the SEC’s appeal in its case against Ripple, ruling in favor of Ripple in July.
- The SEC failed to prove material differences of opinion, resulting in the dismissal.
- The legal battle continues with a trial date set for April 2024, and Ripple has spent more than $200 million in legal expenses.
Ripple scores another W
In July, the SEC filed an interlocutory appeal against Judge Torres’ decision, citing substantial reasons for the differences of opinion on the current matter.
In a summary ruling issued on October 3, Judge Torres denied the SEC’s motion, claiming that the agency failed to meet its burden of proof — in other words, the SEC was unable to prove that there were overriding issues of law regarding the substantive causes of the differences. Of opinions on this topic.
Crypto Twitter quickly shared the news, celebrating another win for Ripple. Meanwhile, the price of XRP is up 5%, trading at $0.53 at the time of writing, according to data from CoinGecko.
However, don’t count your eggs before they hatch; The fact that Ripple has managed to stay afloat does not mean an outright loss to the SEC. Most likely, the commissioner will try to appeal the case again. Furthermore, the judge set April 16, 2024 as a trial date at which other outstanding issues will be addressed.
The legal battle between Ripple and the SEC case was the largest to date in cryptocurrency history, which began in late 2020.
Most of the time, cryptocurrency projects that have faced the SEC end in settlements, but that doesn’t seem to be in Ripple’s plans as the company’s CEOs, Brad Garlinghouse and Chris Larsen, said they… Plan To fight the SEC all the way.
To date, Ripple has spent more than $200 million on legal expenses, which is currently represented by the law firm Cleary Gottlieb Steen & Hamilton LLP.
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