Judge Denies SEC’s Motion to Appeal XRP Ruling in Ripple Case
A judge has rejected the U.S. Securities and Exchange Commission’s (SEC) attempt to appeal the ruling that determined retail sales of XRP tokens are not a security offering. In an order shared on Twitter by lawyer James K. Filan, District Court Judge Analisa Torres stated that the SEC failed to establish the necessary conditions for certification of an interlocutory order. The judge explained that the SEC did not demonstrate controlling questions of law, substantial grounds for difference of opinions, or how the appeal would advance the termination of the litigation. The trial for the case is set to begin on April 23rd next year in New York.
Consequences for the SEC
Lawyer Jeremy Hogan believes that the judge’s denial of the motion has disastrous consequences for the SEC. He states that this means the case will either proceed to trial or be dismissed entirely. Hogan also notes that this order allows the judge to further explain her ruling, making it more challenging for the SEC to win an appeal.
XRP Not a Security
Ripple chief legal officer Stuart Alderoty commented on the implications of the order, emphasizing that XRP is not a security. He affirms that the court’s ruling from July remains valid and establishes XRP’s status as a non-security token.
Hot Take: Judge’s Ruling Deals Blow to SEC in Ripple Case
The recent decision by District Court Judge Analisa Torres to deny the SEC’s motion for an interlocutory appeal deals a significant blow to the regulatory agency in its ongoing legal battle against Ripple. With this denial, it appears that the case will either proceed to trial or be dismissed altogether, leaving XRP’s status as a non-security token intact. Moreover, the judge’s order allows for a more detailed explanation of her ruling, making it harder for the SEC to succeed in an appeal. This development puts the SEC on the back foot and presents a potential disaster for the agency’s efforts against Ripple.
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