SEC’s Appeal Denied by Judge Torres
In a recent decision, U.S. District Judge Analisa Torres rejected the Securities and Exchange Commission’s (SEC) interlocutory appeal in the Ripple lawsuit. The SEC had filed a motion to certify an interlocutory appeal of two judgments related to XRP in the case.
Judge Torres stated that the SEC failed to demonstrate in its appeal why her prior decision was faulty. She had previously ruled in July that Ripple’s Programmatic Sales of XRP did not constitute the offer and sale of investment contracts and that XRP is not necessarily a security on its face.
Trial Date Set for April 2024
Following the denial of the SEC’s appeal, Judge Torres set a trial date for April 2024 to address the remaining issues in the case.
XRP Price Reaction
After the announcement of Judge Torres’ decision, XRP initially saw a price increase of about 6%. However, it has since retraced some of those gains.
Hot Take: Ripple Lawsuit Continues with Trial Date Set
The SEC’s attempt to appeal Judge Torres’ previous ruling in the Ripple lawsuit has been denied. This means that the litigation against Ripple will proceed, with a trial scheduled for April 2024. The judge emphasized that the SEC failed to provide sufficient evidence to challenge her prior decision. As a result, XRP experienced a temporary price increase but has since stabilized. It remains to be seen how this legal battle will unfold and its implications for Ripple and the broader cryptocurrency industry.
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