Ripple Scores Victory as Federal Judge Dismisses SEC’s Appeal
In a significant win for Ripple, a federal judge has dismissed the U.S. Securities and Exchange Commission’s (SEC) appeal against a ruling made in July. The ruling stated that Ripple’s sales of XRP did not fall under investment contracts. This ongoing legal battle between Ripple and the SEC has garnered attention from the cryptocurrency industry, as its outcome is expected to have wide-ranging implications for both Ripple and the regulatory landscape of cryptocurrencies in the United States.
The Trial Date and Pretrial Filings
The trial is set to take place on April 23, 2024. However, before that, both parties must submit all necessary pretrial filings and documents by December 4, 2023. This indicates that the legal battle is likely to be protracted and complex.
The Complexity of the Case and Post-Trial Motions
According to pro-XRP lawyer Fred Rispoli, the trial in April 2024 could last for eight weeks or even longer due to the complexity of the case. Pre-trial motions are expected to be filed in December 2023, with rulings anticipated in early 2024. These rulings may further narrow down the SEC’s case against Ripple. Following the trial, both parties will likely engage in substantial post-trial motions that involve several months of briefing and may conclude around September 2024.
Potential Appeals and Lengthy Legal Process
The legal battle is far from over, even after the initial stages. If appeals are necessary, appellate briefing to the 2nd Circuit Court of Appeals may not be completed until around February 2025. The 2nd Circuit would then take approximately a year to decide, potentially prolonging the legal saga until February 2026.
If the case proceeds to the Supreme Court and it accepts the review, a final decision may not be expected until around February 2027 or later.
Hot Take: Ripple’s Legal Battle Continues with Uncertain Timeline
Ripple’s victory in dismissing the SEC’s appeal is a positive development for the company. However, the legal battle is far from over, with a trial scheduled for April 2024 and potential appeals that could extend the process until at least February 2026. The outcome of this case will have significant implications for Ripple and the wider cryptocurrency regulatory landscape in the United States. It remains to be seen how this high-stakes legal showdown will unfold in the coming years.
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