XRP up over 4% after judge denies SEC’s interlocutory motion

The XRP token rose 4.42% after a federal judge dismissed a U.S. Securities and Exchange Commission (SEC) motion against Ripple Labs to overturn recent losses. XRP traded at USD 0.5308 in Hong Kong at 2:45 pm on Tuesday, according to CoinMarketCap. data.

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Fast facts:

  • In Tuesday’s ruling, U.S. District Judge Annalisa Torres said she found no “substantive grounds for disagreement” with the initial findings and could not agree that the case should be brought to a conclusion on appeal. Ta.
  • This decision is considered a partial victory for Ripple, but it is not final. The judge set another trial date for April 2024, when the SEC could still try to appeal.
  • In July, Judge Torres ruled that Ripple Labs’ programmatic sale of XRP tokens to retail investors did not qualify as a financial security. The judge gave the SEC until August 18th to file an interim appeal. Interlocutory appeals occur before all claims against the parties have been resolved and are only permitted under certain circumstances.
  • In December 2020, the SEC sued the San Francisco-based technology company, alleging that Ripple’s sale of XRP was an offering of unregistered securities. The SEC also implicated Ripple’s Executive Chairman Chris Larsen and CEO Brad Garlinghouse as co-defendants, charging them with aiding and abetting Ripple’s alleged violations.

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