Ripple Scores Big: Singapore License Greenlit, SEC Appeal Denied

In a significant development within the ongoing XRP Lawsuit, Judge Analisa Torres, who previously delivered a landmark Summary Judgment in July 2023, has now ruled against the United States (US) Securities and Exchange Commission’s (SEC) motion seeking permission to file an interlocutory appeal.

This latest decision reaffirms the previous ruling that retail purchasers of the XRP token did not have an expectation of profit from their association with Ripple.

In her decision, Judge Analisa emphasised that the SEC had failed to substantiate how the requested interlocutory appeal would significantly advance the ultimate resolution of the litigation.

Central to the SEC’s argument was the contention that the Court had improperly applied the Howey test to the facts presented in the undisputed record.

Judge Analisa firmly asserted that the question of the Howey test’s applicability did not arise in this particular case.

Citing a 2009 lawsuit, she argued that the circumstances surrounding the Howey test did not warrant consideration for an interlocutory appeal.

Furthermore, the Court outlined several reasons why investors could not reasonably expect profits from Ripple’s programmatic sales — a key criterion in the Howey Test.

Notably, the absence of promises or offers to programmatic buyers due to Ripple’s lack of knowledge about their identity was among the highlighted reasons.

Additionally, many programmatic buyers were entirely unaware of Ripple’s existence, further diminishing the expectation of profit.

Judge Analisa also rejected the SEC’s assertion that the certified issues had broader precedential value for numerous cases involving digital assets and different companies.

She maintained that the findings in the XRP Lawsuit Summary Judgment stemmed from a direct application of Howey to the unique circumstances of this case.

John Deaton, the attorney representing thousands of token holders involved in the lawsuit, echoed the court’s findings, emphasising that the decision was based solely on the specific circumstances of the Ripple lawsuit.

He underscored the SEC’s failure to demonstrate how Ripple had attempted to generate speculative behaviour in token prices among buyers.

Stuart Alderoty, Ripple’s Legal Chief, noted that Judge Analisa’s 13 July 2023 Summary Judgment still holds as the prevailing legal standard.


In that ruling, the judge partially favoured Ripple by affirming that the programmatic sale of XRP tokens to retail buyers did not constitute a security.

She observed that these sales lacked contractual lockup provisions, resale restrictions, indemnification clauses, or statements of purpose.

Importantly, the SEC could not provide evidence that Ripple broadly promoted XRP to the general public through its materials.

Although this development represents a setback for the SEC, the judge has scheduled an April 2024 trial date to address remaining issues in the case.

The possibility of the SEC pursuing an appeal of the overall case in the future remains a distinct possibility.

More Good News For Ripple As It Obtains Green Light For License In Singapore

Ripple’s Singapore branch has achieved a significant milestone by obtaining a major payments institution license from the Monetary Authority of Singapore (MAS).

This pivotal development enables Ripple to continue offering digital payment token services in the rapidly expanding Southeast Asian region.

Ripple CEO Brad Garlinghouse expressed his enthusiasm, highlighting Singapore’s emergence as a prominent fintech and digital asset hub that adeptly balances innovation, consumer protection, and sustainable growth.

He also noted that Singapore has served as Ripple’s Asia Pacific headquarters for the past six years, underscoring the company’s long-standing presence and commitment to the region.

In his statement, he expressed that:

“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. We have hired exceptional talent and local leadership … and plan to continue growing our presence in a progressive jurisdiction like Singapore.Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”

This achievement follows closely on the heels of an initial in-principle approval granted by the MAS in June, further solidifying Ripple’s regulatory footing in the country.

With the acquisition of the full license, Ripple is poised to continue offering its regulated cryptocurrency payment services in Singapore, strengthening its position in the dynamic Southeast Asian market.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.