The SEC’s appeal of XRP has been denied

The United States District Court for the New York District has rejected a request by the United States Securities and Exchange Commission (SEC) to appeal its decision in the Ripple case, which ruled that XRP is not a security for retail sale.

But here, the SEC has failed to meet its burden to show that such an appeal would materially advance the final settlement of the dispute, according to the court filing.

The SEC's appeal of the XRP ruling lacks convincing evidence

In an Oct. 3 court filing, Judge Annalisa Torres emphasized that the SEC did not provide a compelling reason for how the appeal would reverse the court's decision.

“The SEC's motion for certiorari on the interlocutory appeal is denied, and the SEC's motion to stay is denied. The Clerk of Court is ordered to dismiss the petition in ECF No. 892.

Since the announcement, the price of XRP has increased approximately 5.54% in the last hour. At the time of publication, the price of XRP is $0.54.

Torres also stated that there is insufficient evidence that programmatic buyers of XRP were influenced to buy XRP by “other entrepreneurial or management efforts.”

However, Torres has set an April 24, 2024 trial date for the case, so there may be further developments in the future.

The crypto industry will keep a close eye on the SEC v Ripple case.

He argued that the SEC did not substantiate the claim by sifting through numerous statements and documents spanning eight years to invest in XRP, relying on public disclosures about Ripple's marketing efforts and future pricing potential.

On July 13, Torres issued a ruling that classified XRP as an institutional security rather than a retail security.

This decision represents a partial victory for both Ripple and the SEC after nearly two and a half years of court battles.

Cameron Winklevoss, founder of crypto exchange Gemini, hailed the ruling as a “watershed moment,” calling for more clarity on the SEC's authority over cryptocurrency assets.

Meanwhile, the SEC wasted no time in signaling its intention to appeal the decision. In the year On August 17, Torres accepted the SEC's request to appeal the decision.