Jury Trial Scheduled for Ripple Labs in SEC Case
The Securities and Exchange Commission (SEC) and Ripple Labs will face a jury trial in the second quarter of next year, according to a pretrial scheduling order by Judge Analisa Torres. The trial will take place in the Southern District of New York. Prior to the trial, both parties have until December 4th of this year to submit motions in limine, which are pretrial motions to exclude certain evidence. They also need to provide their availability dates by August 23rd. This trial stems from the SEC’s allegations that Ripple raised $1.3 billion in 2020 through the sale of XRP, an unregistered security.
Key Points:
- The jury trial for Ripple Labs’ case with the SEC is scheduled for the second quarter of next year.
- Both the SEC and Ripple Labs must submit motions in limine by December 4th of this year.
- Judge Analisa Torres ruled last month that some of Ripple’s sales of XRP did not violate securities laws.
- The SEC accused Ripple Labs of raising $1.3 billion through the sale of XRP, which it deems an unregistered security.
- Both parties have the option to appeal Torres’ ruling.
Hot Take:
The scheduled jury trial in the SEC case against Ripple Labs is a significant development in the ongoing legal battle. It will provide a platform for both parties to present their arguments and for a jury to determine the outcome. The ruling by Judge Analisa Torres regarding the violation of securities laws adds an interesting twist to the trial. The final verdict will have implications not only for Ripple Labs and the SEC but also for the broader cryptocurrency industry.
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