The post Ripple Vs SEC Case Heads to Jury Trial in 2024: Key Facts & What You Need to Know appeared first on Coinpedia Fintech News
In a recent development, Judge Torres has declared that the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs will be scheduled for a jury trial in the second calendar quarter of 2024. Here’s a breakdown of the pertinent details and what it means for the cryptocurrency market.
Mark Your Calendars
Judge Torres has set some significant dates for both parties:
August 23, 2023: Deadline for both parties to submit any blackout dates for the trial.
December 4, 2023: Deadline for the parties to submit any motions in limine. Oppositions to these motions should be submitted by December 18, 2023.
December 4, 2023: Parties are required to submit all pretrial filings and deliver one copy of each documentary exhibit to the court. Email copies of these submissions should also be sent to [email protected].
A final pretrial conference date will be set once a definitive trial date is confirmed.
The Crux of the Trial
Despite some misconceptions, this trial isn’t about determining the status of the XRP token as a security. Judge Torres already ruled that the XRP token is not a security.
Instead, the jury will deliberate on a much narrower focus: whether Ripple’s top executives, Brad Garlinghouse and Chris Larsen, aided and abetted Ripple in selling unregistered securities.
It’s essential to understand that this trial will not re-evaluate or debate any previously determined matters of law by Judge Torres. The focus remains solely on the specific allegations against Garlinghouse and Larsen.
Reactions & Clarifications
Lawyer Jeremy Hogan expressed his views, estimating that the final judgment for this case might only be seen by late summer 2024. If there’s an appeal, it could extend well into 2025. In a twist, Hogan points out that the delays might actually be favorable for XRP and Ripple.
CryptoLaw US, in a bid to provide clarity, emphasized that the upcoming trial does not put Ripple itself or the legal status of the XRP token under scrutiny. The trial simply aims to resolve the last set of disputed facts, as highlighted between pages 30-34 of Judge Torres’ decision.
It’s clear that while the broader legal questions around XRP have been settled, the roles of key Ripple executives remain under the judicial lens.