Judge Sets Jury Trial Date for SEC vs. Ripple Case
In the civil case of the United States Securities and Exchange Commission (SEC) against Ripple Labs, Judge Analisa Torres plans to hold a jury trial in the second quarter of 2024. The trial will address motions that were not ruled on during the motions for judgment.
Key Points:
- Judge Torres ruled that XRP sales on public crypto exchanges were not securities offerings, as buyers did not expect profits tied to Ripple’s efforts.
- Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen may still face liability for other breaches.
- The trial is expected to take place between April 1st and June 30th, 2024.
SEC to Appeal Decision on Ripple’s XRP Sales
The SEC has announced its intention to pursue an “interlocutory appeal” in response to Judge Torres’ decision regarding Ripple’s XRP sales. The SEC aims to challenge the ruling, which stated that XRP sales on public crypto exchanges were not securities offerings.
Key Points:
- SEC Chair Gary Gensler expressed disappointment over the ruling and reinforces the regulator’s intent to appeal.
- The SEC seeks to appeal specific aspects of the ruling while allowing other parts of the case to proceed to trial.
- The interlocutory appeal aims to prevent the need for separate trials for the SEC and the government.
SEC Cites Divisions in the Southern District of New York
The SEC highlighted divisions within the Southern District of New York to justify the need for the interlocutory appeal. The SEC argues that an “intra-district split” demonstrates significant grounds for differing opinions.
Hot Take: The upcoming jury trial in 2024 will be a significant moment for Ripple, Garlinghouse, and Larsen. The SEC’s decision to appeal the ruling reflects their determination to challenge the classification of XRP sales. This case will have far-reaching implications for the regulation of cryptocurrencies and could set a precedent for future securities offerings in the industry.
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