The judge who ruled that retail sales of XRP tokens do not constitute an offering of securities has just denied the U.S. Securities and Exchange Commission’s (SEC) motion to appeal the ruling.
In a new court order Dated October 3 and shared on the social media platform supervisor had failed to create the necessary conditions.
Torres says the SEC has failed to demonstrate that the challenged July decision manages questions of law and substantial grounds for disagreement. The judge said the securities watchdog also failed to demonstrate that the appeal would “materially further the ultimate termination of the litigation.”
“For the reasons stated above, the SEC’s motion for certification of summary judgment is DENIED, and the SEC’s motion for stay is DENIED as moot. The Clerk is directed to terminate the motion at ECF No. 892.”
Torres says the trial in the case will begin on April 23 next year in New York.
According to lawyer Jeremy HoganTorres’ response has disastrous consequences for the SEC.
“The SEC’s motion for summary judgment is denied.
This means that the case will go to trial in April or disappear.
AND this order allowed the judge to explain parts of her ruling even better, making it much harder for the SEC to win.
A disaster for the agency.”
Ripple Chief Legal Officer Stuart Alderoty too commented about the consequences of the order for the status of the XRP token.
“The Court’s ruling of July 13 was and remains the law of the land. XRP is not a security.”
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