A federal judge has rejected the SEC’s appeal request in the ongoing legal battle between Ripple Labs Inc. and the Securities and Exchange Commission (SEC). The judge ruled in July that Ripple did not violate federal securities law by selling its XRP token to the public, but the sale of XRP to institutional investors did violate securities laws. This recent ruling is seen as a setback for the SEC and could be discouraging for SEC Chairman Gary Gensler. In addition to this case, the SEC recently lost a case against Grayscale. Ripple also received good news as its Singaporean subsidiary was granted a Major Payments Institution license, allowing it to legally offer crypto services in Singapore. XRP saw a 5% surge in price following the court ruling.
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