The ongoing legal battle between Ripple and the SEC seems to be nearing a potential resolution, with reports suggesting that the SEC may not appeal Judge Analisa Torres’ recent partial judgment in favor of Ripple Labs.
This strategic decision by the SEC is aimed at avoiding further escalation of the case in higher courts, indicating a significant shift in their legal strategy.
Recent market developments indicate that the Ripple vs SEC lawsuit may soon come to an end. A report suggests that the SEC might not appeal Judge Analisa Torres’ recent partial ruling in favor of Ripple Labs, signaling a change in their approach to the case.
As the crypto community eagerly awaits the court’s ruling on the remedies phase expected by the end of Summer 2024, the SEC may choose not to pursue an appeal process, according to a report by Crypto News Flash.
During a recent digital assets conference, Kristina Littman, former head of the SEC’s Enforcement’s Cyber Unit, shared her insights on the potential actions of the SEC moving forward. She speculated that based on previous judicial opinions in similar cases, the SEC may be willing to accept the District Court’s decision. Littman also highlighted a potential judicial conflict that could complicate the appeal decision, mentioning conflicting opinions from different judges.
In another development, Ripple registered a procedural win in the class action lawsuit against them, as the U.S. District Court for the Northern District of California dismissed key claims related to unregistered securities and state law securities claims. While this is a positive outcome for Ripple, the court did not address the crucial question of whether XRP qualifies as a security, leaving it to be determined by a jury using the Howey Test criteria.
Additionally, a civil securities lawsuit against Ripple CEO Brad Garlinghouse has resulted in a ruling that he will face trial over allegations of making misleading statements in 2017 regarding XRP sales.
Despite these legal battles, Ripple’s native crypto XRP continues to face pressure in the market, with its price currently trading down at $0.48 with a market cap of $27.3 billion.
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