Ripple vs. SEC: The trial enters a critical phase
The legal battle between Ripple and the SEC has reached a crucial stage, with major announcements regarding upcoming hearing dates and related deadlines. This battle, which has major implications for the future of Ripple and the crypto market, is taking a decisive turn. Let’s dive into the latest developments in this thorny case.
The trial deadline: a slight but important shift
Ripple (XRP) remains shaken by legal proceedings. On August 9, Judge Analisa Torres announced her intention to conduct a jury trial for Ripple. The proceedings involve CEO Brad Garlinghouse and co-founder Chris Larsen.
Initially scheduled to take place between April and June 2024, the start of the trial has been postponed. This decision stems from scheduling constraints submitted by both parties. This slight delay in the timetable pushes back the deadline so eagerly awaited by the protagonists of this legal soap opera.
All the parties involved – Ripple Labs, Garlinghouse, Larsen and the SEC – filed their motions with the Court before August 23.
Yesterday, attorneys for Brad Garlinghouse and Chris Larsen informed Judge Torres of their unavailability for trial during the bitcoin halving. Both parties will be unavailable between April 1 and 14.
On the other hand, Ripple Labs’ legal representatives have sent a letter stating that the company is “ready for trial at any time during the second quarter of 2024”.
The SEC has advised that it is unavailable for the dates of April 15-19, May 1-7 and May 27-31. This means that the trial will start slightly late, on April 20 at the earliest.
The impact of the decision: what’s at stake for ripple?
The upcoming trial is of the utmost importance for Ripple Labs and its management. It will determine their legal liability, as they are accused of violating securities laws regarding the XRP token.
Moreover, the SEC has just withdrawn one of its star lawyers in this case. A major blow for the prosecution, while Ripple continues to strengthen its legal defense.
Important deadlines are also approaching. By December 4, 2023, the parties must file their motions. In addition, the SEC filed an appeal on August 18, the reasons for which remain unclear.
Faced with these twists and turns, Ripple CEO Brad Garlinghouse is determined to fight back, asserting that XRP is not a financial security.
The outcome of the trial therefore remains highly uncertain. Its outcome could profoundly reshape the landscape of crypto regulation in the United States. The stakes are therefore colossal for Ripple Labs, whose future seems closely linked to this legal battle, with its many twists and turns.
Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.
Click here to join 'Read to Earn' and turn your passion for crypto into rewards!
Fasciné par le bitcoin depuis 2017, Evariste n'a cessé de se documenter sur le sujet. Si son premier intérêt s'est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l'état du secteur dans son ensemble.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.