Judge Analisa Torres, who had in July 2023 delivered the historic Summary Judgment in the XRP Lawsuit, has denied the U.S. Securities and Exchange Commission’s (SEC) motion to file an interlocutory appeal. The denial reiterates the previous ruling that the retail buyers of the token were not expecting profits from Ripple.

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In conclusion, the judge said the SEC’s motion for certification of interlocutory appeal is denied. Judge Torres observed that the US SEC had failed in its argument to sufficiently demonstrate that the interlocutory appeal, if approved, would “materially advance the ultimate termination of the litigation.” The judge stated that at the core of the SEC’s argument was about how the Court “improperly applied the Howey test” to the facts in the undisputed record. As the SEC has repeatedly argued, “Howey must be applied to the facts and circumstances at hand.”

Further, Judge Torres supported her argument that the question of the Howey test does not arise in this case. Quoting a 2009 lawsuit, she argued that the circumstances around the Howey test do not make it appropriate
for consideration to interlocutory appeal.

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