District court judge Analisa Torres denied the SEC’s motion to file an appeal, claiming that the regulator did not meet its burden to show that were substantial grounds for difference of opinion.
District court judge Analisa Torres has rejected the United States Securities and Exchange Commission’s (SEC) motion to file an interlocutory appeal against the recent Ripple ruling.
In an Oct. 3 court order, Judge Torres denied the SEC’s motion as the SEC failed to failed to meet its burden to show there were controlling questions of law or that there were substantial grounds for differences of opinion 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.”
On July 13, Judge Torres ruled partially in favor of Ripple, finding that retail sales of the XRP (XRP) token did not constitute the legal definition of a security.
This is a developing story, and further information will be added as it becomes available.
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Author: Tom Mitchelhill
