Judge in XRP Case has Rejected the SEC’s Attempt to Appeal

The judge in the XRP case has rejected the SEC’s attempt to appeal. District court judge Analisa Torres has rejected the United States Securities and Exchange Commission’s (SEC) bid to appeal its loss in the case against Ripple Labs. Ripple Labs is the entity responsible for the XRP ($XRP) token.

What the judge in the XRP case ordered

In an order dated October 3rd, Judge Torres dismissed the SEC’s motion. She stated that the regulator had failed to demonstrate substantial legal questions or significant grounds for disagreements on the matter.

“The SEC’s motion for certification of interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot.”

This decision does not signify a complete defeat for the SEC. Judge Torres has set a trial date for April 23, 2024, to address the remaining issues in the case.

Following this announcement, the price of XRP saw an almost 6% surge, according to data from TradingView.

Background to the XRP case

On July 13, Judge Torres granted a partial victory to Ripple. She affirmed that the retail sales of XRP did not meet the legal criteria for a security. However, the court did find Ripple in violation of securities laws for directly selling XRP to institutional investors.

In August, the SEC moved to appeal this ruling. It contended that there were substantial disparities in the interpretation of the applicable laws.

As of the time of publication by Cointelegraph, both Ripple Labs and the SEC have not issued immediate responses to requests for comment.

The SEC initially filed its lawsuit against Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020. This move prompted many exchanges to delist the XRP token in order to sidestep potential legal entanglements. Following Torres’ ruling in July, numerous crypto firms expressed intentions to either relist the token or explore doing so in the future.

Other SEC actions against crypto firms

In recent months, the commission has focused on several cryptocurrency firms. These include major exchanges like Binance and Coinbase, over alleged securities violations. On August 29, asset manager Grayscale secured a legal triumph against the SEC. That led to an appeal for a review of its application for a spot Bitcoin exchange-traded fund.

Key takeaways

• Judge Analisa Torres rejected the SEC’s bid to appeal its loss in the case against Ripple Labs.
• The order is dated October 3rd.
• A trial date is set for April 23, 2024, to address the remaining issues.
• The price of XRP saw an almost 6% surge following the announcement, according to TradingView.

Learn more about Ripple Labs on Wikipedia.

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