District Court Judge Analisa Torres denied the U.S. Securities and Exchange Commission’s (SEC) motion to appeal against Ripple Labs, the company responsible for issuing the XRP (XRP) token.
In an Oct. 3 court order, Judge Torres denied the SEC’s motion, claiming that the regulator failed to meet its burden of proving the existence of a controlling legal issue or that there was good reason for a disagreement on the matter.
“The SEC’s motion to certify the interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot.
Notably, the decision is not a complete loss for the regulator, as Judge Torres has scheduled a trial for April 23, 2024 to resolve the remaining issues in the matter.
According to data from TradingView, XRP’s price surged nearly 6% immediately following the announcement.
On July 13, Judge Torres ruled partially in favor of Ripple, declaring that retail sales of XRP tokens did not meet the legal definition of securities. However, the court did find that Ripple violated securities laws by selling XRP tokens directly to institutional investors.
After the ruling, the SEC announced it would seek to appeal the decision, writing in a separate lawsuit that parts of the case were “incorrectly decided” and would seek further review.
Ripple Labs and the SEC, however, did not immediately respond to Cointelegraph’s request for comment at the time of publication.
This is a developing story and more information will be added as it becomes available.
Author: Deepchain DCNews
Compiled by: Sister Shen
Twitter: DeepChain
Twitter：https://twitter.com/DeepChainUS
