- Judge Torres recently struck out the interlocutory appeal from the SEC against Ripple.
- A lawyer named Hogan says the SEC will find it more difficult to win.
The SEC vs Ripple case is something that is dragging on for a long time. However, Ripple is making more progress than the SEC. So, the judge handling this case rejected the interlocutory appeal from the SEC.
SEC vs Ripple Lawsuit: Basic Details of the Case
- The SEC vs Ripple started in 2020 when ten Securities and Exchange Commission filed against the crypto firm. So, this is a court case in the United States Southern District Court of New York and continues to rage on for more than three years. The allegations against Ripple are that they were selling illegal securities to their customers. So, the SEC alleged that the creator of the XRP cryptocurrency token raised more than $1.3 billion in 2013 by selling XRP in an unregistered security offering to investors.
- Ripple was against these allegations and is actively fighting this case at the law court. So, the SEC vs Ripple case took a major turn when Judge Torres declared XRP as non-security on many grounds. This made the federal agency file an interlocutory appeal against Ripple. However, there’s a new development.
SEC vs Ripple Case: Judge Throws Interlocutory Appeal Out
- There was more good news for Ripple after Judge Torres removed the interlocutory appeal by the SEC against the crypto firm. So, this ruling was on Wednesday after the judge canceled out the interlocutory and stay of trial appeal. There’s a reason for this decision.
- According to the details of the case, the court did not find a “substantial ground for difference of opinion.” Furthermore, the SEC didn’t present a ‘pure question of law’ that could be ‘made quickly and cleanly without having to study the record. So, one of the things to note about this case is that it might make it very difficult for the SEC to win again. A crypto lawyer spoke about this on Twitter (now X).
Reasons The SEC Will Never Win the Case Against Ripple
- A lawyer on Twitter named Jeremy Hogan provided reasons the SEC will find it extremely difficult to win the case against Ripple. So, his reasons were straightforward and straight to the point.
- The first one is that denying this interlocutory appeal means the case either goes to trial in April or goes away. So, there are chances that this case will go away completely.
- Secondly, this lawyer said this ruling would allow the Judge to explain parts of her ruling even better. So, the implication of this is that it will make it even harder for the SEC to win the case or take it to the Supreme Court.
Conclusion
There was another favorable win for Ripple after the judge handling the SEC vs Ripple case struck out the former’s appeal. So, this means it will be more difficult for the SEC to win this case against Ripple.
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