Judge Analisa Torres, the district judge overseeing the SEC vs. Ripple case, has denied the SEC’s request to file an appeal after its monumental loss against Ripple Labs.
Earlier in July, Ripple scored a partial victory in its three-year-long lawsuit against the SEC when the court ruled that the sale of XRP tokens on crypto exchanges does not fit the criteria for security. Subsequently, the SEC sent a letter to Judge Torres, requesting her to put the case on hold as the outcome could impact the regulator’s lawsuits against other crypto firms.
In response, the judge rejected the SEC’s plea, citing she was unable to find “substantial ground” for the SEC’s difference of opinion with her findings, adding,
“The Court’s findings come from a direct application of Howey to the unique facts and circumstances of this case.”
She noted that the deadlines set as per the official scheduling order will remain in effect. Both Ripple and the SEC must submit all pre-trial findings by December 4. The court hearing to settle all remaining issues on the SEC vs. Ripple lawsuit is scheduled for April 23, 2024.
Shortly after the judge issued her response to the SEC's motion, Ripple's XRP token witnessed an uptick in its price. As of writing, XRP is valued at $0.54, up 5.3% over the last 24 hours.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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