XRP is now the only altcoin in the US with clear regulatory definitions, after the motion for interlocutory appeal from the SEC was denied in the ongoing legal battle with Ripple. Judge Analisa Torres denied the SEC’s motion for certification of interlocutory appeal, and the SEC’s request for a stay was also denied as moot. This ruling solidifies XRP’s position amongst other altcoins, including Ethereum (ETH).John E. Deaton, a pro-XRP lawyer and the founder of CryptoLaw, stated in an interview that this latest ruling is a crucial milestone for the XRP coin. The SEC will now be looking to hang onto the aspects where it still stands a chance, with trial data scheduled for the second quarter of next year. The SEC will be looking to prove that Ripple Labs and its executives, Chris Larsen and Brad Garlinghouse, knowingly helped facilitate the sales of XRP to investors with expectations of dishing out returns. However, with XRP now deemed a non-security, the chances of the SEC winning on this front are slim. Judge Torres has set April 23, 2024, as the definitive date for the trial in the XRP lawsuit, which is largely dependent on the compliance of both parties in terms of the submission of the document deadline which has been stipulated for December 4, 2023. The SEC might consider the option of a settlement, however, with the odds currently not in its favor, legal experts have predicted how improbable this course might be for the Gary Gensler-led commission.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Brad Garlinghouse, Analisa Torres, John E. Deaton, Gary Gensler, Chris Larsen |
| Companies | SEC, CryptoLaw, Coinbase, eToro, Ripple Labs |
| Currencies | PayPal USD, US Dollar, Ethereum, XRP, Bitcoin |
| Securities | None |
