The court judge rejected the SEC’s motion in the XRP lawsuit and with that Ripple secured full victory in the legal fight against the SEC body.
Ripple is a San Francisco headquartered blockchain firm. In Dec 2020, the United States Securities and Exchange Commission (SEC) sued Ripple for the sale of $1.3 billion worth of XRP sale publicly, which was a violation of the Securities Act under the purview of the SEC body, and the SEC body charged Ripple executives in several other Securities laws violations. In July of this year, the court judge ruled in favor of the Ripple & confirmed that XRP was always security. In short, Ripple already scored a major victory in the XRP lawsuit but the SEC body filed a motion in the court to appeal the XRP court ruling.
On 4 Oct 2023, the CryptoLaw firm, founded by pro XRP crypto attorney John Deaton, informed people that court judge Torres rejected SEC’s motion to appeal Ripple’s court decision.
Here we can say that the latest development in this legal matter brought a major victory for Ripple against the SEC’s charges and also it will downgrade the confidence level of the SEC body & probably other crypto companies will get better confidence to fight against SEC’s charges. At present, American top crypto exchange Coinbase and Binance’s American subsidiary BinanceUS are in conflict with the US SEC.
In June of this year, the US SEC sued both these crypto exchanges one by one for operating an unregistered national securities exchange & offering unregistered Crypto securities. Both of the crypto companies are doing their best with the help of experienced lawyers to fight against the SEC’s allegations & charges.
XRP price action
The current trade price of the majority of the flagship crypto assets is down. But following this positive news, the trade price of XRP coin surged by nearly 5% within a couple of hours.