In a significant legal win for cryptocurrency firm Ripple, a United States judge has dismissed an appeal attempt by the Securities and Exchange Commission (SEC) to overturn a prior ruling that had favored Ripple. The initial motion, brought forth by Ripple in April 2020, posited that the SEC had not adequately clarified why XRP should be considered a security, and called for the lawsuit to be dismissed.
Judge Analisa Torres from the United States District Court for the Southern District of New York concurred with Ripple’s stance and approved their motion on September 10, 2021.
This week, the SEC endeavored to challenge this decision by filing an appeal. The regulatory body contended that the classification of XRP should consider its “wider framework,” specifically highlighting investors who purchased XRP with the anticipation of profits steered by Ripple’s activities.
This line of reasoning, however, did not sway Judge Torres. She asserted that only specific criteria need to be satisfied for an asset to be categorized as a security, disregarding the notion that investor expectations based on Ripple’s actions should play a role in this determination. Accordingly, Judge Torres dismissed the SEC’s appeal request, offering no additional commentary. The ruling not only fortifies Ripple’s legal standing but could also set a precedent for future cases involving cryptocurrency classifications.
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