The lawsuit between Ripple, the San Francisco-based cross-border payments firm, and the United States Securities and Exchange Commission (SEC) has taken a new turn as Judge Torres of the Southern District Court of New York recently denied the regulator’s motion to file an interlocutory appeal.
In mid-August, the SEC responded to Judge Analisa Torres’s ruling by filing a motion for leave to proceed with an Interlocutory appeal, which its approval would have signaled a new phase in the high-stakes lawsuit.
It should be noted that an interlocutory appeal, in the law of civil procedure in the United States, occurs when a ruling by a trial court is appealed while other aspects of the case are still proceeding. Such appeals are allowed only under special circumstances.
Judge Torres Denies SEC’s Interlocutory Appeal
As recently announced by James K. Filan, a defense lawyer and former federal prosecutor, the judge has rejected the SEC’s motion to file an interlocutory appeal, removing another major hurdle for Ripple and the XRP community.
#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
It’s specifically stated in the court document that the SEC’s motion for certification of interlocutory appeal is denied. The regulator’s request for a stay of proceedings is also denied.
The document reads in part:
“For the reasons stated above, the SECs motion for certification of interlocutory appeal is DENIED, and the SEC’s request for a stay is DENIED as moot. The Clerk of Court is directed to terminate the motion at ECF No. 892.”
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What’s next?
It’s obvious that this is what the XRP community has been waiting for because its approval could have been bad news. It could have meant a stay of the remaining proceedings, which would certainly result in further delays.
Although interlocutory appeal requires a series of approvals, this notable rejection by Judge Torres implies that the SEC will have to wait until the conclusion of the lawsuit before filing an appeal if necessary.
On August 9, Judge Torres ordered both defendants and plaintiff to submit blackout dates after issuing a pretrial scheduling order that sets the stage for a jury trial in the second quarter of 2024.
It’s worth noting that the parties involved have responded promptly to the order by indicating the dates on which they will not be available for trial in Q2 of 2024.
In the filing, Ripple Labs indicated that it has no blackout dates, stating its readiness for trial at any time in Q2 2024. Brad Garlinghouse and Chris Larsen won’t be available for trial from April 1 to April 14. While the SEC specifically pointed out that it will be available on April 15-19, May 1-7, and May 27-31.
Now that the SEC’s interlocutory appeal has been turned down by the judge, all eyes are fastened on the second quarter of 2024, when the trial is scheduled to start.
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