Court Rejects SEC’s Motion in Ripple Case

District Judge Analisa Torres denied the Securities and Exchange Commission’s attempt to obtain an interlocutory appeal in the ongoing legal battle with Ripple, stating that it would not contribute significantly to the final resolution of the case.

In an order issued by the US District Court for the Southern District of New York on Tuesday, Judge Torres rejected the SEC’s motion for certification of interlocutory appeal, as well as their request for a stay.

She stated that the SEC had not provided sufficient evidence to support their argument that an appeal would significantly advance the ultimate termination of the litigation.

The trial is currently set for April 23, 2024, and both parties are expected to submit pretrial filings by the end of this year.

Judge Torres also ordered that prior to the final pretrial conference, both parties should meet in person for at least an hour to discuss the possibility of a settlement.

The SEC initially filed a motion in August to obtain certification for interlocutory appeal in the Southern District of New York, arguing that the outcome of the Ripple case could have a significant impact on other ongoing litigation, such as those involving major crypto trading platforms like Binance and Coinbase.