In the ongoing legal saga between Ripple Labs and the US Securities and Exchange Commission (SEC), Judge Analisa Torres has made critical announcements regarding the upcoming trial dates and associated deadlines.
Upcoming Deadlines for Ripple Vs. SEC
In a filing on August 9th with the US District Court for the Southern District of New York, Judge Torres expressed her intention to proceed with a jury trial for Ripple. This includes CEO Brad Garlinghouse and co-founder Chris Larsen. The anticipated start of the case was scheduled between April 1 and June 30, 2024. However, due to blackout dates submitted by both sides, the start date is now shifted to April 20, 2024.
Ripple Labs, Garlinghouse, Larsen, and the SEC submitted their applications in a timely manner. Yesterday, the counsels of Brad Garlinghouse and Chris Larsen informed Torres of the dates they would be unavailable in Q2 of 2024. Both are unavailable from April 1 to April 14.
On the other hand, the legal representatives of Ripple Labs submitted a letter stating that the company is “available for trial at any time during Q2 of 2024.” The SEC has indicated that they are unavailable for the dates April 15-19, May 1-7, and May 27-31. This means that the trial will start with some delay, earliest on April 20.
Earlier in the case, Judge Torres issued a partial summary judgment. This significant ruling clarified that Ripple’s institutional sale of XRP constituted an unregistered securities offering, but their sales did not fall under this definition.
The Upcoming Trial
The upcoming trial will play a crucial role in determining the legal liability of Ripple’s top executives. Both are accused of aiding and abetting violations of securities laws. Ripple Labs has been spared from complicity charges.
The key deadlines for the trial are as follows. By December 4, 2023, all parties must file all motions in limine. Oppositions to motions in limine must be filed by December 18, 2023.
On the same date, December 4, a number of submissions are required. These include all required pretrial filings, requests to charge, a verdict form, and voir dire questions to the jury.
Both parties are also expected to submit one copy of each documentary exhibit to the court by December 4.
The SEC Appeals
On August 18, the SEC filed its motion to appeal. After considering the submissions, Judge Torres approved the SEC’s motion.
Reminder – the SEC’s request to appeal (even if XRP were to be found as a security) doesn’t change the fact that XRP is NOT a security. This isn’t a debate. The SEC continues to claim XRP has been a security since 2013, which is simply not the case.
Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at nicholas.dekramer@economicinform.com
