New York, October 3, 2023 – In a significant development in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, District Court Judge Analisa Torres has rejected the SEC’s motion to file an appeal. The judge’s decision was based on her assessment that the SEC had not provided substantial grounds for a difference of opinion, marking a major setback for the regulatory agency.
The dispute revolves around the SEC’s allegations that Ripple, the blockchain technology company behind the cryptocurrency XRP, conducted an unregistered securities offering. Ripple has vehemently denied these allegations, and the case has been closely watched by the cryptocurrency industry and financial regulators worldwide.
Judge Torres’s ruling has cleared the way for the trial to proceed as scheduled on April 23, 2024, at the United States Courthouse in New York. The trial promises to be a pivotal moment in the ongoing legal and regulatory scrutiny of digital assets and their classification.
SEC served another L in the Ripple case.
They can’t appeal the decision until after a trial on remaining issues. pic.twitter.com/t4rbAME1Cv
— Bill Hughes : wchughes.eth 🦊 (@BillHughesDC) October 3, 2023
Additionally, the judge has maintained the pretrial deadlines and requirements, including the submission of motions in limine and documentary exhibits. Furthermore, she has ordered both parties to engage in settlement discussions prior to a final pretrial conference set for April 16, 2024.
The denial of the SEC’s appeal motion underscores the complexity and significance of the Ripple case, as it continues to shape the legal landscape for cryptocurrencies and blockchain technology in the United States.
