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

article-image

Gorev Evgenii/Shutterstock modified by Blockworks

share

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

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

Reform UK’s party leader Farage took the stage at DAS London this morning

by Blockworks /
article-image

Friday saw dramatic crypto market activity in the hours after President Donald Trump threatened a new flare-up in US-China trade tensions.

article-image

Officials suspect potential insider trading after wagers on Nobel Peace Prize winner surged hours before announcement

by Blockworks /
article-image

The bank will allow bitcoin and ether fund exposure in any account type, marking a post-election shift in Wall Street’s crypto stance

by Blockworks /
article-image

The CFTC-regulated event-trading platform expands into hybrid markets as Wall Street and crypto investors converge

by Blockworks /
article-image

The Bank of Russia will let banks handle cryptocurrencies under tight reserve caps as lawmakers prepare a digital asset bill

by Blockworks /