• Judge Analisa Torres has set a jury trial for the SEC’s case against Ripple Labs for an unregistered $1.3 billion securities offering in the U.S. District Court of the Southern District of New York.
• The trial will be held in the second quarter of 2024 for motions that were not ruled on during earlier stages of the legal process.
• The SEC has announced its intent to pursue an “interlocutory appeal” in response to Judge Torres’ ruling regarding XRP sales on public cryptocurrency exchanges not being securities offerings.
SEC Files Lawsuit Against Ripple Labs
In December 2020, the U.S Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and its two executives, CEO Brad Garlinghouse and co-founder Chris Larsen, for an unregistered $1.3 billion securities offering by selling XRP, a token created by Ripple’s founders in 2012. This led several exchanges to remove XRP from their listings to prevent any potential legal issues arising from this case.
Trial Date Set For Second Quarter Of 2024
In a filing made on August 9th in the U.S District Court for the Southern District of New York, Judge Analisa Torres intends to set a jury trial for this case in the second quarter of 2024 for motions she did not rule on during earlier stages of proceedings. Both prosecution and defense teams must provide blackout dates by August 23rd with April 1st – June 30th as expected dates for this trial.
Judge’s Decision On Ripple’s XRP Sales
On July 13th, Judge Torres ruled that XRP sales on public crypto exchanges weren’t classified as security offerings because buyers didn’t expect profits tied to Ripple’s efforts according to a Supreme Court case which classifies investments expecting profits from others’ efforts in shared enterprise as such assets i..e securities offerings . However, due to other breaches committed by Garlinghouse, Larsen and blockchain firm; many companies have relisted or shown intentions to relist XRP once again despite this ruling not being conclusive verdict on SEC v/s Ripple Case yet .
SEC Announces Intent To Appeal Ruling On XRP Sales
The United States Securities and Exchange Commission (SEC) has expressed its intent to challenge Judge Torres’ decision regarding XRP sales through an “interlocutory appeal” based upon Chair Gary Gensler’s disappointment over this ruling last month .
The legal battle between SEC & Ripple is still far from over with both parties now gearing up towards the upcoming jury trial slated between April 1st – June 30th , 2024 & SEC’s attempt at appealing Judge Torre’s decision regarding XRP sales on public crypto exchanges not being classified as security offerings .