The SEC had requested permission to appeal the findings on sale on public exchanges (programmatic) and other distributions of XRP as a means of payments.
The Securities and Exchange Commission (SEC) has been denied appeal in a recent court decision relating to Ripple, the company with XRP has its native token.
SEC appeal request denied
District Judge Analisa Torres said in a brief ruling on Tuesday that the SEC failed to show the court that they met the required legal burden that there were controlling questions of law or that there are substantial grounds for a difference of opinions.
The SEC had requested permission to appeal the findings on sale on public exchanges (programmatic) and other distributions of XRP as a means of payments.
According to Reuters, the judge responded that she did not believe there was a “substantial ground for difference of opinion” over her decision and that the appeal would not significantly progress the case.
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She added that her conclusions were consistent with another judgment made in July by U.S. District Judge Jed Rakoff, who found that the SEC had a “plausible claim” that Terraform Labs’ Terra USD token was a security when traded on public exchange.
Ripple’s chief legal officer, Stuart Alderoty, took to X, formerly Twitter, on Tuesday in response to Torres’ ruling.
“The Court’s July 13 ruling was, and remains, the law of the land,” Alderoty wrote. “XRP is not a security.”
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