Judge Torres of the Southern District of New York has shot down the U.S. Securities and Exchange Commission's (SEC) motion to file an interlocutory appeal in its case against Ripple. 

Responding to the ruling, Ripple CEO Brad Garlinghouse remarked that the court had essentially told the SEC they got what they asked for. 

The price of the XRP token is up almost 4% on the news. 

Key reasons behind the rejection 

Judge Torres provided a detailed explanation for her decision, emphasizing that the SEC failed to present a “pure question of law” that could be swiftly and conclusively resolved without delving into the case's record. 

The court also rejected the SEC's contention that there's substantial ground for differences in opinion regarding the Court's conclusions. The regulator's reference to the Terraform Labs case to support their stance was rejected since Judge Torres found that mere speculation about potential disagreement between courts is insufficient. The SEC's effort to justify grounds for an interlocutory appeal based on these arguments did not meet the necessary criteria.  

The court also clarified that the SEC couldn't adequately justify that an interlocutory appeal would substantially expedite the case's conclusion. If the Second Circuit were to reverse the current order and return the case, the court would face complex legal and factual issues. An interlocutory appeal might lead to repeated appellate reviews, further delaying resolution.

The trial schedule 

Now that the appeal request has been denied, the trial for Garlinghouse and co-founder Chris Larsen is slated to commence on Apr. 23, 2024, at 9:00 a.m. at the United States Courthouse on Pearl Street in New York. 

Before that, a series of pretrial preparations are scheduled. By Dec. 4, both parties are expected to submit motions in limine, pretrial filings, and all documentary exhibits intended for admission. 

Oppositions to any motions are due by Dec. 18. Leading up to the trial, a final pretrial conference involving counsel for all parties will be held on April 16, 2024, at 2:00 p.m. in the same courthouse.