A Federal judge denied a Security and Exchange Commission (SEC) appeal of its loss in an ongoing court case against Ripple, the company behind the XRP token.
In a 14-page decision, District Judge Analisa Torres ruled that the SEC had not proven its point that there were uncertainties about the law or a basis for differences in opinion.
“The SEC has failed to meet its burden to show that the two holdings that it moves to certify for interlocutory appeal “involve . . . controlling question[s]of law,” the judge ruled.
Yet Torres also scheduled an April 2024 trial date to address other issues in the ongoing dispute.
In July, Torres determined that Ripple had not violated federal securities laws in making XRP available to retail customers through programmatic sales to exchanges. The ruling supported crypto observers who believe the SEC has been overstepping in its regulatory oversight. XRP rose 96% on the day following that decision.
On Tuesday, the token spiked almost 6% in the 20 minutes after the latest ruling and was up nearly 3% over the past 24 hours.