- District Judge Analisa Torres denies the SEC’s motion for an interlocutory appeal in its ongoing battle with Ripple.
- The trial date is set for April 23, 2024, with pretrial filings expected by the end of this year.
- The Ripple case’s outcome could significantly impact other pending litigations, including those involving Binance and Coinbase.
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As the SEC’s motion gets rejected in the Ripple case, the crypto world watches closely, anticipating the trial’s impact on the broader crypto regulatory landscape.
Judge Torres Denies SEC’s Request
for Interlocutory Appeal
In a decisive move, District Judge Analisa Torres rejected the Securities and Exchange Commission’s request to certify for interlocutory appeal against Ripple. The judge indicated that the SEC did not convincingly show how the appeal would “materially advance the ultimate termination of the litigation.” The order clearly stated: “For the reasons stated above, the SEC’s motion for certification of interlocutory appeal is DENIED, and the SEC’s request for a stay is DENIED as moot.”
What’s Next in the Ripple vs. SEC Legal Battle?
With the appeal denied, the stage is set for a trial on April 23, 2024. Both Ripple and the SEC are to submit their pretrial filings by the close of this year. Judge Torres further added, “Prior to the final pretrial conference, counsel for both parties, along with the parties themselves, shall meet in person for at least one hour to discuss settlement of this matter.” This highlights the significance and anticipation surrounding the case and a potential settlement.
SEC’s Appeal and Its Broader Implications
Back in August, the SEC sought the court’s nod in the Southern District of New York for interlocutory appeal. SEC lawyers emphasized that the Ripple case’s trajectory might profoundly influence other pending cases, notably those involving top crypto exchanges like Binance and Coinbase. The primary contention from the SEC was regarding Ripple’s programmatic sales and “other distributions” that encompassed offers and sales of XRP in exchange for services and goods.
Ripple’s Journey in the Legal Labyrinth
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The road to this point has been tumultuous for Ripple. In a July ruling, Judge Torres deduced that certain sales of Ripple’s XRP didn’t breach securities regulations. However, she also declared that other direct token sales to institutional entities were indeed securities, translating to a partial victory for the SEC. This legal wrangle started when the SEC sued Ripple and its top brass in 2020. The bone of contention was that Ripple amassed $1.3 billion that year through XRP sales. Furthermore, Ripple’s CEO Brad Garlinghouse and co-founder Christian Larsen also found themselves in the crosshairs of the SEC lawsuit.
The decision of Judge Torres in the Ripple vs. SEC case marks yet another critical juncture in the ongoing debate and legal battles concerning crypto regulations. As the trial date approaches, stakeholders from all corners of the crypto world will be keeping a close eye, given the potential ramifications of the case’s outcome on the broader crypto landscape. Regardless of the final verdict, it’s evident that the Ripple case will serve as a precedent for many similar cases in the future.