SEC’s Motion to Appeal Loss in Ripple Case Is Denied (2024)

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Did the SEC deny the Ripple appeal? ›

Ripple Labs, Inc. denied the SEC's request for an interlocutory appeal of the bombshell summary judgment ruling in the case, the SEC filed a legal brief in a separate matter providing insight into how it will adjust its legal theories in light of the court's ruling.

The case has been highly watched, as it is among the biggest brought by the SEC in the cryptocurrency space. While the SEC partly won the case, Torres dealt the regulator a high-profile setback when she ruled that XRP Ripple sold on public cryptocurrency exchanges did not meet the legal definition of a security.

The U.S. Securities and Exchange Commission (SEC) will no longer pursue claims that Ripple's CEO Brad Garlinghouse or Executive Chairman Chris Larsen aided and abetted the company in violating federal securities laws in its XRP transactions, canceling a trial scheduled for next year and giving the crypto company ...

Last July, New York Judge Analisa Torres' ruled that the sale of XRP on exchanges and through algorithms did not violate U.S. law, only Ripple's institutional sales of XRP did.

July 13 (Reuters) - Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring.

The lawsuit between Ripple and the SEC is approaching a crucial trial in April 2023, with potential long-term impacts on the cryptocurrency sector and possibilities of extended legal battles through appeals. Ripple has gained key partial legal victories, but the final outcome and its implications are still uncertain.

As time passes, the chances of a settlement diminish further. The fading chances of a settlement increase the likelihood that the SEC will appeal against the Programmatic Sales of XRP ruling. In October 2023, Judge Analisa Torres denied an SEC motion for interlocutory appeal.

March 3 (Reuters) - Ripple Labs Inc said in court papers Friday that a recent U.S. Supreme Court decision supports one of its key defenses in the U.S. Securities and Exchange Commission's case over the cryptocurrency XRP.

However, if Ripple loses all appeals, the SEC is likely to collect the $1.3 billion (the amount that the regulator alleges that Ripple earned from the unregistered securities sale) and offer XRP holders an option to sell their holdings.

How long is the Ripple lawsuit going to take? ›

Still, the current situation points to a full trial finally taking place in second half of 2024.

Ripple Labs is a blockchain developer and the creator of the XRP token. The SEC accused Ripple of selling XRP in an unregistered security offering. The outcome of the U.S. regulator's court case against Ripple might still have far-reaching consequences for the cryptocurrency industry.

U.S. District Court Judge Analisa Torres disagreed, in part, ruling in July that XRP is a security only when it's sold to institutional investors — not to the general public. That put Ripple on the hook for $728.9 million in unlicensed securities sales but not for the remaining $757 million.

The Ripple CEO said he is keeping the IPO “option open” and will evaluate it “as time continues.” “And we'll evaluate again, as we have new regulators sitting at the United States SEC,” he said. Garlinghouse made clear, however, that going public is now “not an immediate term priority” for Ripple.

The Howey Test, which was developed by the Supreme Court in a landmark 1946 case, defines an “investment contract” as possessing the following attributes: 1) An investment of money. 2) In a common enterprise. 3) With the reasonable expectation of profits. 4) Due to the managerial efforts of others.

Therefore, our XRP price prediction forecasts a price of $1.80 by the end of 2024. Depending on the lawsuit's outcome and crypto market conditions, it could go much higher, potentially reaching $3.10.

For the coin to reach $1,000, its market cap would need to be $54.5 trillion – dwarfing crypto's entire current valuation. Chase introduced a hypothetical scenario where XRP attains the same $1 trillion market cap as Bitcoin, but even that would only push its price to $18.