SEC loses bid to appeal loss against XRP firm

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SEC loses bid to appeal loss against XRP firm

The SEC's bid to appeal its ground-shaking loss against Ripple, the cryptocurrency firm associated with the XRP token, has been rejected by a U.S. federal judge. XRP's price rose 5% to about 5% from its previous high. District Judge Analisa Torres said the Supreme Court failed to meet its burden under the law to show that there were controlling questions of law or that there were substantial grounds for differences of opinion. The SEC decision is not a complete loss for the SEC, but it does not mean that it isn't a total loss. The judge set a trial date for other issues that still need resolution in April 2024. The agency could continue to appeal the entire case following its trial, if necessary.

The absence of a clear U.S. legal framework for crypto is no bar against pressing fraud charges against FTX founder Sam Bankman-Fried, the U.S. Department of Justice said in a filing published Wednesday. Bankman-Fried's trial began Monday. The ex-CEO of the FTX exchange has pleaded not guilty to charges he misappropriated customer funds from FTX. While lawyers of both sides are still sparring over what evidence the unseen jury will be able to hear, he said. The prosecutors are now fighting claims, reiterated Bankman-Fried on Monday that the regulatory status of crypto exchanges is relevant.

A new decentralized finance data platform could underpin future regulation of crypto market actors, according to a study released Wednesday by the Bank for International Settlements. A proof-of-concept report issued jointly with the Dutch and German central banks said Project Atlas has been used to map out significant international flows between crypto exchanges. The head of the BIS Innovation Hub, Cecilia Skingsley, said in a statement.