Ripple’s XRP Lawsuit Trial Date Set for Q2 2024
The trial date for the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple has been scheduled for the second quarter of 2024 by the United States District Court for the Southern District of New York. In addition, the court has denied the SEC’s motion to file an interlocutory appeal, which is a major development in the XRP lawsuit.
SEC’s Motion Denied
Judge Analisa Torres rejected the SEC’s motion to file an interlocutory appeal in the XRP lawsuit. The motion was denied on multiple grounds, including the agency’s failure to argue how the court ruling misapplied the Howey test and how an appeal would result in a reversal of the judgment.
Trial Date and Filings Submission
The trial in the XRP lawsuit is set to begin on April 23, 2024, according to Judge Torres. However, this date is subject to compliance with a document submission deadline of December 4, 2023. Failure to submit filings by this deadline could result in further delays in the trial.
Potential Case Dismissal
If the SEC decides to drop the case against Ripple in the coming weeks, the trial may not proceed at all. Attorney Jeremy Hogan has described the denial of the SEC’s motion as a “Disaster for the agency.”
Market Response and Price Movement
Following the court order, XRP’s price increased by 4%. The denial of the SEC’s motion could have implications for future price movements depending on how the agency chooses to respond.
Hot Take: Ripple XRP Lawsuit Trial Set for Q2 2024
The trial date for the SEC’s lawsuit against Ripple has been scheduled for the second quarter of 2024. The court’s denial of the SEC’s motion to file an interlocutory appeal is a significant development in the case. The trial date is subject to compliance with the document submission deadline, and any delay in filings could further postpone the trial. However, if the SEC decides to drop the case, the trial may not proceed. XRP’s price reacted positively to the court order, and future price movements will depend on the SEC’s response.
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