XRP lawsuit trial date locked in April 2024; any further changes?
The United States District Court for the Southern District of New York has set a date in the second quarter of 2024 for the start of proceedings in the lawsuit of the US Securities and Exchange Commission (SEC) against Ripple. The XRP lawsuit is subject to another major development with the court's rejection of the SEC's motion to file an interim appeal.
Refusal for various reasons
On Tuesday, October 3, 2024, analyst Judge Torres rejected the SEC's motion to file an interim appeal in the XRP lawsuit, in which Ripple Labs, chief executive officer Brad Garlinghouse, and executive chairman Chris Larsen were included as plaintiffs. The SEC's motion for certification of the sela appeal has been rejected on the grounds that the agency failed to argue how the court's ruling improperly applied the Howey test, how the sela appeal would result in a reversal of the ruling, and on various conditions supporting the sale of XRP tokens in terms of investment contracts.
XRP trial date fixed
While rejecting the US SEC's motion to appeal, Judge Torres stated that the trial in the XRP lawsuit will begin on April 23, 2024.
"On December 4, 2023, the parties must file a motion within the deadline. Opposition to any motion in limine must be filed by December 18, 2023.”
Therefore, any irregularities in the filing of the filing may lead to further delays in the Proceedings of the XRP lawsuit. Earlier, in May 2023, Ripple and the US SEC had filed a joint letter for the extension of the filing of documents citing the "voluminous nature of the material".
Meanwhile, the price of XRP jumped by an impressive 4% in response to the court order. Following a landmark summary judgment by Judge Torres on July 13, 2023, the price of XRP jumped by as much as 72%. It remains to be seen how the US SEC likes to respond to the refusal to file an appeal, which will be very important for further price movement.
#XRP
The United States District Court for the Southern District of New York has set a date in the second quarter of 2024 for the start of proceedings in the lawsuit of the US Securities and Exchange Commission (SEC) against Ripple. The XRP lawsuit is subject to another major development with the court's rejection of the SEC's motion to file an interim appeal.
Refusal for various reasons
On Tuesday, October 3, 2024, analyst Judge Torres rejected the SEC's motion to file an interim appeal in the XRP lawsuit, in which Ripple Labs, chief executive officer Brad Garlinghouse, and executive chairman Chris Larsen were included as plaintiffs. The SEC's motion for certification of the sela appeal has been rejected on the grounds that the agency failed to argue how the court's ruling improperly applied the Howey test, how the sela appeal would result in a reversal of the ruling, and on various conditions supporting the sale of XRP tokens in terms of investment contracts.
XRP trial date fixed
While rejecting the US SEC's motion to appeal, Judge Torres stated that the trial in the XRP lawsuit will begin on April 23, 2024.
"On December 4, 2023, the parties must file a motion within the deadline. Opposition to any motion in limine must be filed by December 18, 2023.”
Therefore, any irregularities in the filing of the filing may lead to further delays in the Proceedings of the XRP lawsuit. Earlier, in May 2023, Ripple and the US SEC had filed a joint letter for the extension of the filing of documents citing the "voluminous nature of the material".
Meanwhile, the price of XRP jumped by an impressive 4% in response to the court order. Following a landmark summary judgment by Judge Torres on July 13, 2023, the price of XRP jumped by as much as 72%. It remains to be seen how the US SEC likes to respond to the refusal to file an appeal, which will be very important for further price movement.
#XRP