US SEC cannot appeal Ripple Labs decision, judge rules

FILE PHOTO: A representation of cryptocurrency Ripple is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

NEW YORK (Reuters) - A federal judge on Tuesday refused to let the U.S. Securities and Exchange Commission appeal her recent decision involving Ripple Labs, a ruling that has been seen as a major defeat for the regulator in its effort to police cryptocurrency markets.

In her July 13 decision, U.S. District Judge Analisa Torres in Manhattan had ruled that the sale of Ripple's XRP digital token on public exchanges complied with federal securities laws because purchasers had no reasonable expectation of profit based on Ripple's efforts.