Ripple loss can't overturn SEC's appeal

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Ripple loss can't overturn SEC's appeal

The US SEC failed to convince a federal judge that its recent, high-profile courtroom loss to Ripple Labs should be overturned, according to a court ruling issued Tuesday.

A U.S. District Court judge, Analisa Torres, ruled in July that Ripple's sale of a cryptocurrency token directly to consumers did not constitute an illegally unregistered securities offering, said Tuesday that the SEC had failed to show in its appeal that the decision was sufficient faulty or problematic, according to U.S. District Court Judge Analisa Torres. The judge was hoping to overturn the decision before a final judgment is entered in the case next spring.

The news effectively constitutes another victory-albeit a more minor one-for Ripple, and the market responded to the news. CryptoGecko said the XRP token jumped 8.8 percent to just over $0.54, before settling to $0.53 at writing.

The SEC will still have the chance to appeal Judge Torres' decision, but only after the case formally ends after a trial on remaining issues is held next April.

don't get too excited about the denial of the SEC's interlocutory appeal in Ripple. It doesn't mean the SEC has lost its appeal...it means that if the SEC wants to appeal it has to appeal everything at once after the trial...still, some useful clarifications of Torres' opinion.

That news is certainly a disappointment to the SEC, which was hoping to mitigate the damage of its headline-grabbing loss to Ripple by claiming that Torres' decision created so many 'knotty legal problems' that it ought to be reviewed by a federal appeals court before the case is concluded.

The case has probably received so much attention- both by pro-crypto advocates and the SEC itself, because it represents perhaps the most full-throated refutation to date of the SEC's current position that most cryptocurrency companies are participating in illegal securities schemes.

The cryptocurrency market soared, with a market cap of $1.3 trillion and the crypto market totalling $73.5 billion. In the same period, XRP rose more than 66%.