District Court Judge Analisa Torres has denied the U.S. Securities and Exchange Commission’s (SEC) motion to appeal a recent ruling in favor of Ripple. Judge Torres ruled that the SEC is not eligible to request an appeal until after a trial on the remaining issues in the case.
The trial is scheduled for April 2024. XRP surged 5% shortly after the news.
Appeal Denied
The federal judge also rejected the SEC’s citation from the LUNA case, finding that there was no connection between the XRP and LUNA cases. Court rulings can vary depending on the specific facts of each case.
“The SEC’s motion for certification of interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot,” according to the court order.
Judge Torres ruled in July that Ripple Labs Inc. did not violate federal securities law by selling its XRP token to the general public. However, the sale of XRP to institutional investors in the past…
