- A federal judge has denied the U.S. SEC’s request to appeal her earlier ruling in the Ripple Labs case.
- The judge ruled that the SEC did not meet the legal criteria for an appeal and scheduled a trial for April 23, 2024.
- Ripple has obtained a full payment institution license in Singapore.
In a significant setback for the U.S. Securities and Exchange Commission (SEC) in its quest to regulate the cryptocurrency market, a federal judge has rejected the SEC’s request to appeal her recent ruling involving Ripple Labs, the company behind the XRP token.
District Judge Analisa Torres ruled that the SEC had not met the legal criteria necessary to justify an appeal. She stated that the SEC failed to demonstrate controlling legal questions or substantial grounds for differences of opinion. However, this decision is not a complete loss for the SEC, as Judge Torres has scheduled a trial for April 23, 2024, to address remaining issues related to the case.
In her earlier ruling in July, Judge Torres determined that the sale of Ripple’s XRP digital token on public exchanges complied with federal securities laws because purchasers did not have a reasonable expectation of profit based on Ripple’s efforts.
The SEC had requested permission to appeal Judge Torres’ findings, but she determined that there were no significant disagreements concerning her conclusions. Additionally, she believed that pursuing the appeal would not expedite the case’s resolution.
Ripple Secures Full Payment Institution License in Singapore
However, Ripple’s growth shows no signs of slowing down. The blockchain company expands its presence in the Asia-Pacific region with the acquisition of a significant payments institution license in Singapore. This development comes just four months after the Monetary Authority of Singapore granted initial in-principle approval in June.
With the acquisition of the full license, Ripple is now authorized to provide regulated cryptocurrency payment services in Singapore. Solidifying its position in the growing blockchain and crypto sector in the region.
On the other hand, Ripple’s native cryptocurrency XRP experienced a significant surge in value. Over the last 24 hours, XRP’s price increased by approximately 8%, rising from the $0.50 range to around $0.54. At the time of writing, XRP was trading at $0.5306 with a daily trading volume of $1.6 billion, marking an gain of over 80% within the past day.
