Awwww, poor Gary Gensler. He goes home a loser again.
Policy
SEC’s Motion to Appeal Loss in Ripple Case Is Denied
XRP rallied about 5% following the decision.
By Nikhilesh De
Oct 3, 2023 at 6:13 p.m. CDT
Updated Oct 3, 2023 at 6:22 p.m. CDT
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SEC Chair Gary Gensler, left, and Ripple CEO Brad Garlinghouse are at the center of the U.S. dispute over the future of crypto oversight. (Kevin Dietsch/Getty and Scott Moore/Shutterstock/CoinDesk)
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A federal judge has rejected the U.S. Securities and Exchange Commission’s bid to appeal its ground-shaking loss against Ripple, the crypto company associated with the XRP token.
XRP’s price rallied about 5% on the news.
District Judge Analisa Torres said in a brief ruling Tuesday that the SEC had failed to meet its burden under the law to show that there were controlling questions of law or that there are substantial grounds for differences of opinion.
The decision isn’t a complete loss for the SEC, though. The judge set an April 2024 trial date for other issues that still need resolution. The agency may still try to appeal the overall case after.
The judge had previously ruled in July that while Ripple violated federal securities laws in selling XRP to institutionalinvestors directly, it had not done so by making XRP available to retail customers through programmatic sales to exchanges. That decision cast doubt on how strongly securities regulators would be able to police crypto.
The SEC announced after July’s ruling that it would file an interlocutory appeal and move to stay any further decision-making as it bid for an appeal court review of Judge Torres’ ruling.
Spokespeople for the SEC and Ripple did not immediately return requests for comment.
STORY CONTINUES BELOW
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UPDATE (Oct. 3, 2023, 23:21 UTC): Updates XRP's price.
Edited by Nick Baker.
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Nikhilesh De
Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
Follow @nikhileshde on Twitter
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Policy
SEC’s Motion to Appeal Loss in Ripple Case Is Denied
XRP rallied about 5% following the decision.
By Nikhilesh De
Updated Oct 3, 2023 at 6:22 p.m. CDT
SEC Chair Gary Gensler, left, and Ripple CEO Brad Garlinghouse are at the center of the U.S. dispute over the future of crypto oversight. (Kevin Dietsch/Getty and Scott Moore/Shutterstock/CoinDesk)
Drive the Crypto Policy Conversation Forward
October 24, 2023 • Convene • Washington D.C.Where the industry establishes the digital economy’s legal, regulatory and compliance best practices for the future.Register Now
A federal judge has rejected the U.S. Securities and Exchange Commission’s bid to appeal its ground-shaking loss against Ripple, the crypto company associated with the XRP token.
XRP’s price rallied about 5% on the news.
District Judge Analisa Torres said in a brief ruling Tuesday that the SEC had failed to meet its burden under the law to show that there were controlling questions of law or that there are substantial grounds for differences of opinion.
The decision isn’t a complete loss for the SEC, though. The judge set an April 2024 trial date for other issues that still need resolution. The agency may still try to appeal the overall case after.
The judge had previously ruled in July that while Ripple violated federal securities laws in selling XRP to institutionalinvestors directly, it had not done so by making XRP available to retail customers through programmatic sales to exchanges. That decision cast doubt on how strongly securities regulators would be able to police crypto.
The SEC announced after July’s ruling that it would file an interlocutory appeal and move to stay any further decision-making as it bid for an appeal court review of Judge Torres’ ruling.
Spokespeople for the SEC and Ripple did not immediately return requests for comment.
STORY CONTINUES BELOW
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UPDATE (Oct. 3, 2023, 23:21 UTC): Updates XRP's price.
Edited by Nick Baker.
NewsletterEvery Weekday
TheSBFTrial
Sign up for The SBF Trial, a daily newsletter bringing you insights from inside the courthouse.
Enter your Email
By clicking ‘Sign Up’, you agree to receive newsletter from CoinDesk as well as other partner offers and accept our terms of services and privacy policy.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Nikhilesh De
Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
Follow @nikhileshde on Twitter
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Read more about
RegulationsSECRippleXRP
About
AboutMastheadContributorsCareersCompany News
Stay Updated
EventsCoinDesk StudiosNewslettersFollow
Get In Touch
Contact UsAdvertiseAccessibility HelpSitemap
The Fine Print
Ethics PolicyPrivacyTerms Of UseDo Not Sell My Personal Information
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
©2023 CoinDesk