US District Judge Analisa Torres has denied the SEC's interlocutory appeal in the lawsuit against fintech company Ripple over the partial non-recognition of XRP as a security.
According to the court, the regulator has failed to provide sufficient evidence and the appeal itself could not "materially advance the ultimate termination of the litigation."
Notably, the next meeting is scheduled for April 23, 2024. The parties are expected to file pre-trial papers later this year.
The judge has said:
"Prior to the final pretrial conference, counsel for both parties, along with the parties themselves, shall meet in person for at least one hour to discuss settlement of this matter."
The Southern District of New York court concluded in July that programmatic sales and other token distributions do not constitute the offer and implementation of investment contracts. The SEC subsequently filed an appeal.
Ripple then demanded that the SEC's petition be cancelled because it saw no legal basis to challenge the decision.