Legal Battle Between Ripple Labs and SEC Continues: Trial Date Set for Q2 2024

The Legal Battle Between Ripple Labs and the SEC Continues

The legal battle between Ripple Labs and the SEC is ongoing, with both parties recently informing Judge Analisa Torres about their availability for the upcoming trial.

Key Points:

The trial is scheduled to take place in the second quarter of 2024.
The SEC initiated the lawsuit in December 2020, accusing Ripple Labs, CEO Brad Garlinghouse, and Executive Chairman Chris Larsen of offering and selling an unregistered security (XRP) in breach of the Securities Act of 1933.
In July 2023, Judge Torres granted the SEC’s motion for summary judgment regarding Institutional Sales but denied it for other matters.
Judge Torres also granted Ripple’s motion for summary judgment regarding Programmatic Sales, Other Distributions, and sales made by Larsen and Garlinghouse, but denied it concerning Institutional Sales.
The judge denied the SEC’s motion for summary judgment on the aiding and abetting claim against Larsen and Garlinghouse.
Judge Torres stated that she would release another order to establish a trial date and pre-trial deadlines.

Pretrial Scheduling Order Sets Stage for Jury Trial

In a Pretrial Scheduling Order filed on August 9, Judge Torres announced that the court would proceed with preparations for a jury trial involving the three defendants.

Key Points:

The judge set a deadline of August 23 for the parties to provide blackout dates for the trial.
The trial is intended to start sometime between April 1 and June 30, 2024.
Garlinghouse and Larsen stated they would be unavailable for trial from April 1-14, 2024.
Ripple Labs stated it has no blackout dates and would be available for trial throughout Q2 2024.
The SEC provided blackout dates in Q2 2024: April 15-19, May 1-7, and May 27-31.

Hot Take

The legal battle between Ripple Labs and the SEC is heating up as both parties prepare for the upcoming trial. The recent rulings by Judge Torres have granted some victories to both sides, but the ultimate resolution is yet to come. The trial, scheduled for Q2 2024, will likely have significant implications for the future regulation of cryptocurrencies like XRP. Crypto readers should continue to follow this case closely to stay informed about the potential impact on the industry.