On Oct. 3, United States District Court Judge Analisa Torres rejected the U.S. Securities and Exchange Commission’s (SEC’s) motion to appeal its loss against Ripple Labs, the company behind the XRP (XRP) cryptocurrency. Torres denied the SEC’s motion, claiming the regulator failed to meet the burden to show that there were controlling questions of law or substantial grounds for differences of opinion on the matter.
The regulator appealed against the court’s July decision declaring that retail sales of the XRP token did not meet the legal definition of a security. The SEC argued there was “substantial ground for differences of opinion” on the laws at hand.
