New York City, New York – District Court Judge Analisa Torres has denied the United States Securities and Exchange Commission’s (SEC) motion to appeal its previous loss against Ripple Labs, the company behind the XRP token. In her ruling, Judge Torres stated that the SEC failed to demonstrate any controlling questions of law or substantial grounds for differences of opinion in the case.

The SEC’s motion for certification of interlocutory appeal was denied by Judge Torres, who also dismissed the SEC’s request for a stay as moot. This ruling does not signify a complete loss for the SEC, as a trial to address the remaining issues in the case has been scheduled for April 23, 2024.

Following the news of the denied appeal, the price of XRP experienced a nearly 6% surge, according to data from TradingView.

Earlier in the year, Judge Torres ruled partially in favor of Ripple, determining that retail sales of the XRP token did not meet the legal definition of a security. However, the court did find that Ripple violated securities laws by selling XRP tokens directly to institutional investors.

In response to this initial ruling, the SEC sought to appeal the decision, claiming substantial grounds for differences of opinion on the applicable laws. Ripple Labs and the SEC have not yet provided a comment on the latest development.

When the SEC first filed its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen in December 2020, several exchanges delisted the XRP token to avoid potential legal complications. After Judge Torres’ ruling in July, many cryptocurrency firms expressed their intentions to relist the token or explore the possibility of doing so in the future.

In recent months, the SEC has targeted numerous crypto companies for alleged securities violations, including major exchanges like Binance and Coinbase.

In a separate case, asset manager Grayscale achieved a victory against the SEC, with a court ordering a review of its application for a Bitcoin exchange-traded fund.

Key Facts:
– District Court Judge Analisa Torres has denied the SEC’s motion to appeal its loss against Ripple Labs.
– The SEC failed to demonstrate controlling questions of law or substantial grounds for differences of opinion.
– A trial to address the remaining issues in the case is scheduled for April 23, 2024.
– The price of XRP surged nearly 6% following the news of the denied appeal.
– The SEC’s lawsuit against Ripple prompted several exchanges to delist the XRP token.
– Many cryptocurrency firms expressed their intentions to relist the token or explore the possibility of doing so.
– The SEC has targeted various crypto firms, including Binance and Coinbase, for alleged securities violations.
– Asset manager Grayscale achieved a court victory against the SEC in a separate case.