The legal battle between Ripple Labs, its leaders, and the U.S. Securities and Exchange Commission (SEC) continues. Judge Analisa Torres of the U.S. District Court has shared crucial details about the trial dates and deadlines.
Recently, on August 9, a filing in the U.S. District Court for the Southern District of New York revealed that Judge Torres plans to proceed with a jury trial involving Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen. The trial was initially set between April 1 and June 30, 2024.
However, due to blackout dates proposed by both parties, the trial’s earliest start date is now April 20, 2024.
Upcoming Deadlines in Ripple vs. SEC Case
Ripple Labs, along with its key figures Brad Garlinghouse and Chris Larsen, and the SEC, have met the deadline for their applications, which was yesterday, August 23.
Yesterday, the legal representatives for Brad Garlinghouse and Chris Larsen informed Judge Torres about their unavailability for trial during the second quarter of 2024. Specifically, both won’t be available from April 1-14.
Conversely, Ripple Labs’ legal team stated that the company is ready for trial at any point during the second quarter of 2024. However, the SEC indicated that they are not available for trial from April 15-19, May 1-7, and May 27-31. As a result, the trial’s earliest start date is now April 20, with a slight delay.
In earlier proceedings, Judge Torres issued a significant ruling by granting a partial summary judgment. This ruling clarified that while Ripple’s institutional sales of XRP were considered as unregistered securities offerings, their programmatic sales didn’t fall under the same category.
The forthcoming trial holds significant weight in assessing the legal responsibility of Ripple’s top leaders, accused of aiding XRP token securities law violations. Notably, Ripple Labs has been cleared of aiding charges.
Recent details outline crucial trial milestones: By December 4, 2023, all parties must present “motions in limine.” Counterarguments are due by December 18, 2023.
Important Dates and Recent Developments in Ripple vs. SEC Case
Key Deadlines for Pretrial Documents
On December 4, a significant date, both parties must submit essential pretrial documents, which include joint pretrial orders, requests for charges, verdict forms, and questions for voir dire. They are also required to provide the court with copies of documentary exhibits intended for admission, all by the same December 4 date.
SEC’s Appeal Motion Granted
The SEC made a notable move on August 18 by filing a Motion to Certify Interlocutory Appeal. Following an evaluation of submissions from both sides, Judge Torres approved the SEC’s appeal motion. However, the rationale for this decision wasn’t explicitly explained.
Brad Garlinghouse’s Response
Ripple’s CEO, Brad Garlinghouse, addressed the proceedings on Twitter. He emphasized that the appeal request doesn’t change the fact that XRP isn’t classified as a security. He also criticized the SEC’s claim of recklessness in their stance on XRP’s security status, labeling it as “utter nonsense.”
As of the current moment, XRP is valued at $0.53.
XRP price, 4-hour chart | Source: XRPUSD on TradingView.com
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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