It seems that Ripple vs. SEC case could extend until June 2024.
The long-standing civil litigation between Ripple Labs and the US Securities and Exchange Commission (SEC) is gearing up for its next phase.
Judge Analisa Torres of the US District Court has projected a jury trial to commence in the second quarter of 2024.
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On August 9th, Judge Torres filed the notification with the US District Court for the Southern District of New York, outlining the intended path forward for the trial involving Ripple Labs, its CEO Brad Garlinghouse, and co-founder Chris Larsen.
The court has requested attorneys from both sides to submit their unavailable dates by August 23rd, with the goal of initiating the trial sometime between April and June of 2024.
It is worth noting that it was Judge Torres who previously determined that the XRP was not security when sold to retail investors on cryptocurrency exchanges. Despite this, the decision didn't serve as the final word on the SEC's case against Ripple. The securities regulator is now gearing up to appeal Judge's ruling.
The SEC's 2020 lawsuit against Ripple and its key executives led many crypto exchanges to drop XRP from their offerings, probably to sidestep any related legal challenges. Following Torres' pivotal decision on July 13th, many of these platforms have reconsidered either reinstating XRP or contemplating its re-addition.
The broader crypto industry has its share of legal challenges, too. Numerous notable names are currently embroiled in litigation, both civil and criminal. For example, the SEC is actively litigating against crypto giants Coinbase and Binance. Moreover, high-profile figures like former FTX CEO Sam Bankman-Fried and former Celsius Network CEO Alex Mashinsky have been taken into custody over allegations of customer fraud.
As the US regulatory landscape around cryptocurrency continues to take shape, the SEC vs. Ripple case stands as one of its most prominent litigations. Its outcome could have significant implications for the future of the crypto industry in the country.
