SEC's appeal in Ripple case rejected, Ripple (XRP) remains stagnant, back to pre-victory levels.

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SEC's Interlocutory Appeal Rejected

According to legal documents, Judge Analisa Torres, the presiding judge in the Ripple case, ruled that the SEC failed to meet its obligations in the appeal process by failing to provide substantial reasons proving legal errors or significant disagreements in the previous judgment. The SEC's interlocutory appeal motion has been rejected.

SEC served another L in the Ripple case.

They can’t appeal the decision until after a trial on remaining issues. pic.twitter.com/t4rbAME1Cv

— Bill Hughes : wchughes.eth 🦊 (@BillHughesDC) October 3, 2023

After reading the XRP court documents, the reasons why XRP is still exposed to securities risks in the cryptocurrency market are explained in detail.

Ripple Case to be Retried Next Year

Bill Hughes, legal advisor at ConsenSys, explained that the summary judgment in the Ripple case is a fact-based decision and not suitable for an interlocutory appeal. The judge simply stated that the SEC failed to prove its claims in this case, which does not mean the SEC will fail in other similar cases.

The SEC has not been sentenced to death, and the judge has scheduled other pending issues in this case for trial in April 2024, including a jury trial involving Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, who are accused of involvement in the illegal securities issuance of XRP tokens and aiding and abetting Ripple's violation of certain regulatory laws.

Both parties must submit all pre-trial documents and relevant evidence by December 4th this year.

Spokespersons for the SEC and Ripple have not responded.

Note: In the United States, an appeal made by one party before a civil lawsuit is fully concluded and all charges are ruled upon is called an interlocutory appeal. Interlocutory appeals are only allowed in specific circumstances as defined by federal and state court rules.

XRP Sees Minor 5% Increase

XRP has risen by 5.23% in the past 24 hours, with a price of $0.538.

However, in mid-September, XRP officially fell back to $0.47, the price before the favorable ruling, erasing almost all of its previous gains of 82% to nearly $0.82.