The last 24 hours have seen multiple pieces of good news for Ripple. In its legal battle with the SEC, the judge denied the SEC’s request to make an early appeal against a recent ruling partially in Ripple’s favor. And Ripple landed a payment license in Singapore.
In a surprise ruling in July, the judge ruled that Ripple’s sales of XRP via digital exchanges and other distributions did not qualify as a sale of securities. The surprise was how the judge separated the mode of sale, so that XRP is sometimes a security and sometimes not. She found that sales of XRP directly to institutions qualified as sales of securities, whereas others did not.
Because the case is ongoing, any appeal is a special type – an interlocutory appeal. That’s to avoid lots of piecemeal appeals. Hence, the granting of this type of appeal is pretty rare. We previously analyzed the likelihood of an interlocutory appeal. It rests on three factors.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
