District court judge Analisa Torres has rejected the United States Securities and Exchange Commission’s (SEC) motion to appeal its loss 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 regulator failed to meet its burden to show that there were controlling questions of law or that there were substantial grounds for differences of opinion on the matter. 

“The SEC’s motion for certification of interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot.”

Notably, the decision isn’t an outright loss for the regulator, as judge Torres scheduled a trial for April 23, 2024 to address the remaining issues on the matter. 

The price of XRP surged nearly 6% immediately following the news, according to data from TradingView.

On July 13, Judge Torres ruled partially in favor of Ripple, declaring that retail sales of the XRP token did not meet the legal definition of a security. The court did find however, that Ripple had violated securities laws by selling XRP tokens directly to institutional investors.

In August, the regulator moved to appeal this decision arguing that there was “substantial ground for differences of opinion” on the laws at hand.

Related: 

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Author: Tom Mitchelhill

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