Court rejects SEC appeal in Ripple case

District Judge Analisa Torres отказала SEC the SEC’s bid for an interlocutory appeal in the Ripple case over XRP’s status as a security.

The court found that the regulator had not provided sufficient evidence, and the appeal itself would not meaningfully advance the ultimate termination of the case.

The next hearing is scheduled for April 23, 2024. The parties are expected to submit pretrial documents by the end of the year, Torres noted.

“Before the final conference, the lawyers for both sides and the parties themselves must meet in person for at least one hour to discuss settling the matter,” the judge stressed.

Back in July 2023, the Southern District of New York found that programmatic sales and other distributions of the token did not constitute an offer and sale of investment contracts. After that the SEC filed an appeal.

After that Ripple urged that the SEC’s motion be withdrawn, as it saw no legal basis to challenge the decision.

The SEC and Ripple have been embroiled in a court battle since 2020. The Commission accused the company of unregistered sales of XRP securities totaling $1.3 billion. The defendants also include Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.