U.S. District Judge Analisa Torres rejected the Securities and Exchange Commission’s interlocutory appeal in the regulator’s lawsuit against Ripple, noting the SEC failed to explain why her prior decision was faulty. Torres set a trial date for April 2024 to address the remaining issues.
SEC’s Appeal in Ripple Lawsuit Denied by Judge Torres, Trial Set for April 2024
In a decision unveiled Tuesday, the judge at the helm of the SEC’s litigation against Ripple dismissed the regulator’s interlocutory appeal. The SEC had tendered a motion to certify an interlocutory appeal of two judgments pertaining to XRP in the Ripple case.
“The SEC’s motion for certification of interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot,” Torres said in her ruling. Torres explained that the SEC had failed in demonstrating, within its appeal, that the decision was markedly faulty.
Rewinding to July, she decreed that Ripple’s Programmatic Sales of XRP “did not constitute the offer and sale of investment contracts.” She further articulated that concerning Programmatic Sales, XRP “is not necessarily a security on its face.”
Conversely, Torres’ verdict posited that institutional sales could be perceived as security transactions. In the wake of the verdict on Tuesday, XRP initially ascended by about 6% post-announcement, although it has relinquished a small fraction of those gains since then.
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