District Court Judge Analisa Torres rejected the SEC’s request to submit an appeal, stating that the regulatory body failed to demonstrate significant reasons for a difference of opinion.
District Court Judge Analisa Torres has dismissed the United States Securities and Exchange Commission’s request to appeal its defeat in the case against Ripple Labs, the entity behind XRP Tokens.
In a court order dated October 3rd, Judge Torres declined the SEC’s motion, stating that the regulatory body did not fulfill its obligation to demonstrate the presence of decisive legal questions or substantial reasons for differing opinions on the issue.
“The SEC’s request for certification of an interlocutory appeal has been rejected, and their request for a stay is deemed irrelevant.”
It’s important to note that this decision does not represent a complete defeat for the regulatory body. Judge Torres has set a trial date for April 23, 2024, to address the unresolved aspects of the case.
Following the announcement, data from TradingView indicates that the price of XRP experienced an immediate 6% surge.
Source: TradingView
On July 13th, Judge Torres issued a partial ruling in favor of Ripple, determining that the sale of XRP tokens to retail investors did not align with the legal definition of a security. Nevertheless, the court did find that Ripple had breached securities regulations by directly selling XRP tokens to institutional investors.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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