District Judge Analisa Torres denied SEC in satisfying the interim appeal in proceedings against Ripple regarding the partial non-recognition of XRP as a security.
The court found that the regulator had not provided sufficient evidence, and the appeal itself would not be able to “substantially advance the final dismissal of the case.”
The next meeting is scheduled for April 23, 2024. The parties are expected to submit pre-trial documents by the end of this year, Torres noted.
“Before the closing conference, both parties’ attorneys and the parties themselves must meet in person for at least one hour to discuss the settlement,” the judge said.
In July 2023, the Southern District of New York court concluded that programmatic sales and other token distributions do not constitute the offer and implementation of investment contracts. The SEC subsequently filed an appeal.
Afterwards, Ripple demanded that the SEC’s petition be canceled because it saw no legal basis for challenging the decision.
Recall that the SEC and Ripple have been involved in a legal battle since 2020. The commission accused the company of unregistered sale of securities in the form of XRP in the amount of $1.3 billion. Ripple CEO Brad Garlinghouse and the company’s co-founder Chris Larsen were also defendants in the suit.
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