Judge rejects SEC’s Ripple interlocutory appeal

Judge Analisa Torres said the SEC did not present a “pure question of law” in its legal push


Gorev Evgenii/Shutterstock modified by Blockworks


Judge Analisa Torres shut down the Securities and Exchange Commission’s hope for an interlocutory appeal on Wednesday.

In a ruling, Torres wrote that the appeal for a stay of trial was also denied, ensuring that the trial against Ripple CEO Brad Garlinghouse and Christian Larsen will move forward as previously planned. 

Torres denied the SEC’s ability to pursue an interlocutory appeal on the grounds that her previous order — which gave Ripple a partial win — did not entail an order that “involved a controlling question of law,” which is necessary for the certification of an interlocutory appeal. 

The court did not find a “substantial ground for difference of opinion,” Torres wrote. 

If neither of those legal standards applied, then the SEC could have argued that the certification would “materially advance the termination of the litigation,” but Torres did not find merit in that argument. 

“Here, the SEC has not presented a ‘pure question of law’ that could be ‘decided quickly and cleanly without having to study the record,” Torres wrote.

“The SEC does not argue that the Court applied the wrong legal standard in deciding the cross-motions for summary judgment,” she continued. “Rather, the core of the SEC’s argument is that the Court improperly applied the Howey test to the facts in the undisputed record.”

As cited by Torres herself, the SEC has said that the Howey test should be applied to “the facts and circumstances at hand,” which means that its argument is not valid. 

The SEC filed its appeal in early August. At the time, the agency said that the appeal would “avoid the possibility of engaging in protracted remedies” in litigation.

Ripple did not immediately respond to a request for comment.

Don’t miss the next big story – join our free daily newsletter.

Follow Sam Bankman-Fried’s trial with the latest news from the courtroom


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png


Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.



The convergence of AI and blockchain on Polkadot represents a groundbreaking opportunity for investors and developers alike


The company is making public a previously private offer rejected by Bitfarms’ board of directors last month


Semler Scientific, a publicly traded medical tech company, joined MicroStrategy by buying up millions of bitcoin


As someone who’s been knee-deep in the trenches of blockchain development, I can’t help but wonder if these behemoths are really cutting it anymore


UNI and MKR are suffering from the successes of their respective protocols


Maybe there’s no silver bullet to avoiding most tokens dumping after launch…