Ripple Lawsuit: A Game of Legal Chess Pushing Verdict to an Unexpected Date?

  • Discussions continue about potential trial dates in the Ripple and SEC case.
  • Significant progress has been made regarding the legal status of XRP in the Ripple and SEC dispute.
  • Court decisions and appeals requests are influencing the course of the trial.

The ongoing legal proceedings between Ripple Labs, its top executives, and the U.S. Securities and Exchange Commission (SEC) have seen critical announcements made by U.S. District Judge Analisa Torres about upcoming trial dates and related deadlines.

When is the Ripple Case?

Ripple Labs, CEO Brad Garlinghouse, co-founder Chris Larsen, and the SEC have all timely submitted their applications, which were due by August 23. The lawyers for Brad Garlinghouse and Chris Larsen informed Judge Torres of the dates in the second quarter of 2024 when they would not be able to attend the trial. Both will be unavailable between April 1-14.

On the other hand, Ripple Labs’ legal representatives sent a letter stating that the firm is “ready for trial at any time in the second quarter of 2024.” The SEC reported that it would not be available for the dates of April 15-19, May 1-7, and May 27-31. This means the trial will start a bit late, at the earliest on April 20.

The Future of the Ripple and SEC Case

XRP

Recently, significant trial periods have been lined up. All parties must submit any restriction proposals by December 4, 2023. Objections to restriction proposals must be submitted by December 18, 2023.

December 4 is also the deadline for the submission of all necessary pre-trial files, including joint pre-trial decision proposals, indictment requests, decision forms, and voir dire questions. Both sides are expected to “deliver a copy of each document they wish to be admitted to the court” by December 4.

Conclusion

In response to the ongoing proceedings, Ripple CEO Brad Garlinghouse said on Twitter: “Reminder – the appeal request (even if accepted) does not change the fact that XRP is not a security. This is not a discussion or trial issue. However, the SEC continues to claim that Chris and I acted recklessly by believing that XRP is not a security. This is complete nonsense.”

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