Judge Rejects SEC’s Appeal in Ripple Case

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Judge Analisa Torres of the District Court has denied the SEC’s request for an interlocutory appeal in the case against Ripple, where XRP was only partially recognized as a security.

The court has found that the regulator did not provide enough evidence to justify an appeal and that such an appeal would not significantly contribute to the final dismissal of the case.

The next hearing is scheduled for April 2024, with pre-trial documents to be submitted by the end of this year, as ordered by Judge Torres.

She has also instructed both parties to meet in person for at least one hour before the scheduled hearing to discuss a potential settlement.

In July 2023, the Southern District of New York court had ruled that the sales and distribution of XRP do not fall under investment contracts. The SEC appealed this decision, which Ripple argued to have dismissed due to a lack of legal basis.