In the ongoing legal battle between Ripple Labs, its top executives, and the U.S. Securities and Exchange Commission (SEC), U.S. District Court Judge Analisa Torres has announced important updates regarding trial dates and associated deadlines. On August 9, a filing in the U.S. District Court for the Southern District of New York indicated Judge Torres’ intention to proceed with a jury trial for Ripple, including CEO Brad Garlinghouse and co-founder Chris Larsen. The trial was initially targeted to begin between April 1 and June 30, 2024, but due to blackout dates submitted by both parties, the earliest start date has been pushed to April 20, 2024.
The recent deadlines for the Ripple vs SEC case have also been established. Ripple Labs, Garlinghouse, Larsen, and the SEC filed their applications by August 23, in compliance with the court’s requirements. The counsel for Garlinghouse and Larsen informed Judge Torres that they would be unavailable for trial from April 1-14, 2024. On the other hand, Ripple Labs stated that they would be available for trial anytime during the second quarter of 2024. The SEC indicated their unavailability for the dates April 15-19, May 1-7, and May 27-31. As a result, the trial will be slightly delayed and may begin on April 20, 2024, at the earliest.
In a previous ruling, Judge Torres delivered a partial summary judgment, determining that Ripple’s institutional sales of XRP constituted an unregistered securities offering, while their programmatic sales did not fall under this definition. The upcoming trial will play a crucial role in determining the legal culpability of Ripple’s top executives, who are accused of aiding and abetting securities laws violations related to the XRP token. Notably, Ripple Labs has been spared of aiding and abetting charges.
Recently, important trial deadlines have been established. By December 4, 2023, all parties involved must submit any motions in limine, with oppositions to these motions to be submitted by December 18, 2023. Additionally, by December 4, both parties are required to submit all necessary pretrial filings, including their proposed joint pretrial order, requests to charge, verdict form, and voir dire questions. Documentary exhibits sought to be admitted must also be delivered to the court by December 4.
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In another significant development, the SEC filed a Motion to Certify Interlocutory Appeal on August 18. After considering the submissions from both parties, Judge Torres granted the SEC’s appeal motion. However, the reasoning behind this decision has not been explicitly explained in the current filings.
In response to the ongoing proceedings, Ripple CEO Brad Garlinghouse commented on Twitter, emphasizing that the request for an appeal does not change the fact that XRP is not a security. He also dismissed the SEC’s claim that he and Larsen acted recklessly in believing that XRP is not a security, calling it “utter nonsense.”
At the time of writing, the price of XRP stood at $0.53.
