Judge rejects SEC’s motion to file an appeal against Ripple ruling

District court judge Analisa Torres has actually rejected the United States Securities and Exchange Commissions (SEC) movement to appeal its loss against Ripple Labs, the company responsible for releasing the XRP (XRP) token. In an Oct. 3 court order, Judge Torres denied the SECs motion, claiming that regulator failed to satisfy its concern to show that there were controlling questions of law or that there were considerable grounds for disagreements on the matter. “The SECs movement for certification of interlocutory appeal is denied, and the SECs ask for a stay is denied as moot.”District court judge Analisa Torres rejected the SECs motion to submit an appeal. Source: CourtListener Notably, the choice isnt an outright loss for the regulator, as judge Torres arranged a trial for April 23, 2024 to address the staying problems on the matter. The price of XRP surged nearly 6% right away following the news, according to data from TradingView.The rate of XRP got almost 6% following the rejection of the SECs movement. Source: TradingViewOn July 13, Judge Torres ruled partially in favor of Ripple, declaring that retail sales of the XRP token did not satisfy the legal meaning of a security. The court did find nevertheless, that Ripple had breached securities laws by selling XRP tokens directly to institutional investors.Following the ruling, the SEC revealed that it would be seeking an appeal of the choice, composing in a seperate claim that specific parts of the case were “mistakenly decided” which it would be seeking more review. Ripple Labs and the SEC however did not supply an instant reaction to demand for comment by Cointelegraph at the time of publication. This is an establishing story, and further info will be added as it appears.