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US court rejects SEC's appeal in Ripple case

The US Securities and Exchange Commission (SEC) has had its motion to appeal against Ripple Labs rejected by United States District Court Judge Analisa Torres. The SEC had appealed against the court's July decision that retail sales of XRP did not meet the legal definition of a security. While the decision is not an outright loss for the regulator, as a trial has been scheduled for April 2024, crypto lawyers are divided over its significance. The rejection of the SEC's appeal was expected by some legal experts, who urged caution in interpreting the ruling.

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