District Court Judge Analisa Torres dismissed the SEC’s request for an appeal, stating that the regulatory body failed to present substantial grounds for a differing opinion.
In an order dated October 3rd, Judge Torres rejected the SEC’s appeal request, citing the regulator’s inability to demonstrate the existence of crucial legal questions or significant grounds for disagreement 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.”
In a previous judgment issued in July, the judge determined that while Ripple had violated federal securities regulations by selling XRP directly to institutional investors, it had not breached them by offering XRP to retail customers through programmatic sales to exchanges.
This ruling raised questions about the effectiveness of securities regulators in overseeing the cryptocurrency space.
Following the July ruling, the SEC declared its intention to file an interlocutory appeal and requested a halt to any subsequent decision-making processes, aiming to secure a review of Judge Torres’ ruling in an appeals court.
