Judge Dismisses SEC’s Attempt to Appeal Ripple Ruling

Oct 4, 2023

The latest moves in crypto markets, in context

By Lyllah Ledesma, CoinDesk reporter

Was this newsletter forwarded to you? Sign up here.

Happy Wednesday! Here's what you need to know today in crypto:

The SEC's motion to appeal its loss in Ripple case is denied.
The DOJ said the lack of U.S. crypto laws are irrelevant to Sam Bankman-Fried's defence.
A new decentralized finance data platform could underpin future regulation of crypto market actors, a new study from the BIS said.

Latest Prices

CoinDesk Market Index (CMI)

1,128

−0.6 ▼ 0.1%

Bitcoin (BTC)

$27,597

+34.0 ▲ 0.1%

Ethereum (ETH)

$1,647

−9.6 ▼ 0.6%

S&P 500

4,229.45

−58.9 ▼ 1.4%

Gold

$1,841

+16.0 ▲ 0.9%

Nikkei 225

$1,841

+16.0 ▲ 0.9%

BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

Nikkei 225: $1,841 +0.9%

Top Stories

A U.S. federal judge has rejected the U.S. Securities and Exchange Commission's (SEC) bid to appeal its ground-shaking loss against Ripple, the crypto company associated with the XRP token. XRP's price rallied about 5% on the news. District Judge Analisa Torres said in a brief ruling on Tuesday that the SEC had failed to meet its burden under the law to show that there were controlling questions of law or that there are substantial grounds for differences of opinion. The decision isn't a complete loss for the SEC, though. The judge set an April 2024 trial date for other issues that still need resolution. The agency could still try to appeal the entire case following that trial.

SEC Chair Gary Gensler, left, and Ripple CEO Brad Garlinghouse. Kevin Dietsch/Getty and Scott Moore/Shutterstock/CoinDesk)

The absence of a clear U.S. legal framework for crypto is no bar against pressing fraud charges against FTX founder Sam Bankman-Fried, the U.S. Department of Justice (DOJ) said in a filing published early Wednesday morning. Bankman-Fried's trial began Tuesday. The former CEO of the crypto exchange has pleaded not guilty to allegations he misappropriated customer funds from FTX. Meanwhile lawyers from both sides are still sparring over what evidence the as-yet-unselected jury will be able to hear. The prosecutors are now fighting claims, reiterated by Bankman-Fried on Monday, that the regulatory status of crypto exchanges is relevant.

A new decentralized finance data platform could underpin future regulation of crypto market actors, according to a study released by the Bank for International Settlements (BIS) Wednesday. Project Atlas has initially been used to map out significant international flows between crypto exchanges, said a proof-of-concept report issued jointly with the Dutch and German central banks. "We are developing a new and important public good for central banks globally," Cecilia Skingsley, head of the BIS Innovation Hub, said in a statement. "Data on cross-border flows are relevant for areas like payments and macroeconomic analysis."

Market Insight: Bitcoin Hovers Above $27.4K While XRP Gains

Bitcoin (BTC) lost 0.7% while crypto majors showed mixed movements as low volatility seemed to return to the crypto markets, days after ETF optimism pushed prices higher.

The largest cryptocurrency by market value traded at $27,400 on Wednesday, seemingly stabilizing around that level after losing support at $28,000 earlier this week. Ether (ETH) lost 1.3% and Solana's SOL fell 3.5% to lead majors losses, while Cardano's ADA and BNB Chain's BNB slipped 2% each in the past 24 hours.

XRP tokens were among the few majors in green following two Ripple victories in the last 24 hours. A court case tilted in the payment firm's favor, while its Asia arm was awarded a license to offer key services in Singapore.

Read the full story by Shaurya Malwa

Trending Posts

Senator Lummis, Representative Hill and More to Join CoinDesk's State of Crypto Event

Several legislators shaping the future of digital assets policy have committed to joining CoinDesk's inaugural State of Crypto: Policy and Regulation, including Sen. Lummis, Rep. Hill, Rep. McHenry, Rep. Thompson, Rep Torres and many more.

State of Crypto is a one-day boutique event uniting key policymakers, regulators and government officials with legal, policy and compliance executives representing the largest and most influential TradFi and DeFi leaders in asset management and financial services.

The gathering provides an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy.

Are you a GC, CCO, CLO, COO or head of policy or government affairs evaluating or actively investing in digital assets? Join State of Crypto: Policy and Regulation to help drive crypto policy forward collaboratively. Save 10% with code FM10. Learn more and register.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.