The judge who determined that retail sales of tokens do not constitute a security offering just denied the U.S. Securities and Exchange Commission’s (SEC) motion to appeal the ruling.
In a new court dated October 3 and shared on the social media platform X by lawyer James K. Filan, District Court Judge Analisa Torres shot down the SEC’s move to secure a certification for an interlocutory order citing that the regulator failed to establish the necessary conditions.
Torres says the SEC failed to show that the assailed July decision involves controlling questions of law and substantial ground for difference of opinions. The judge says the securities watchdog also failed to demonstrate that the appeal would “materially advance the ultimate termination of the litigation.”
“For the reasons stated above, the SEC’s motion for certification of interlocutory appeal is DENIED, and the SEC’s request for stay is DENIED as moot. The Clerk of Court is directed to terminate the motion at ECF No. 892.”
Torres says the trial on the case will commence on April 23rd next year in New York.
According to lawyer Jeremy Hogan, Torres’s response has disastrous consequences for the SEC.
“The SEC’s motion for interlocutory appeal DENIED.
Which means, the case either goes to trial in April, or goes away.
AND, this Order allowed the Judge to explain parts of her ruling even better, making appeal that much harder for the SEC to win.
Disaster for the agency.”
Ripple chief legal officer Stuart Alderoty also commented on the implication of the order on the status of the XRP token.
“The Court’s July 13 ruling was, and remains, the law of the land. XRP is not a security.”
