Judge Denies SEC’s Request to Pursue Appeal in Ripple Case

District Court Judge Analisa Torres dismissed the SEC’s request to submit an appeal, stating that the regulatory body failed to demonstrate significant grounds for a differing opinion.

District Court Judge Analisa Torres has dismissed the United States Securities and Exchange Commission’s (SEC) request to initiate an interlocutory appeal following the recent Ripple ruling.

In an order dated October 3rd, Judge Torres declined the SEC’s request, citing the regulator’s inability to demonstrate the existence of pivotal legal questions or significant grounds for disagreement on the matter.

“The SEC’s motion for certification of interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot.”

In a prior judgement issued in July, the judge determined that although Ripple had breached federal securities regulations by selling XRP directly to institutional investors, it had not violated them by offering XRP to retail customers through programmatic sales to exchanges. 

This ruling raised questions about the effectiveness of securities regulators in regulating the cryptocurrency space.

Following the July ruling, the SEC declared its intention to file an interlocutory appeal and requested a halt to any subsequent decision-making processes, aiming to secure a review of Judge Torres’ ruling in an appeals court.