In a significant development in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), Judge Analisa Torres of the Southern District Court of New York has rejected the SEC’s motion for an interlocutory appeal. This decision marks a crucial victory for Ripple and the XRP community.
An interlocutory appeal, a rare legal manoeuvre in civil procedure, allows parties to appeal a trial court’s ruling while other aspects of the case continue. Judge Torres’s denial of the SEC’s motion means that the regulator will have to wait until the lawsuit’s conclusion before filing an appeal if deemed necessary. This decision is seen as a positive development for Ripple, as it prevents potential delays that could have resulted from a stay of proceedings.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Judge Torres has DENIED the SEC’s Motion to File an Interlocutory Appeal. https://t.co/czEIz93Vfn
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 3, 2023
Judge Torres had previously set the stage for a jury trial in the second quarter of 2024 and requested blackout dates from both parties. Ripple Labs demonstrated its readiness for practice at any time during Q2 2024, with no blackout dates. However, Brad Garlinghouse and Chris Larsen indicated their unavailability from April 1 to April 14. The SEC specified its availability on April 15-19, May 1-7, and May 27-31.
With the interlocutory appeal denied, the focus now shifts to the eagerly anticipated trial in the second quarter of 2024. This trial will be a pivotal moment in determining the regulatory status of XRP and the outcome of the lawsuit, which has garnered significant attention within the cryptocurrency industry and beyond.
As both parties prepare for this high-stakes legal showdown, the crypto community awaits further developments with keen interest, as the case outcome could have far-reaching implications for the crypto market and its participants.