Ripple Labs and SEC continue legal battle over XRP
Ripple Labs and the Securities and Exchange Commission (SEC) have reportedly provided a list of dates indicating their availability and non-availability for the upcoming trial scheduled for the second quarter of the following year, as part of the ongoing legal dispute.
Prominent XRP attorney Bill Morgan shared his predictions today on X, suggesting that the trial is unlikely to occur before April 19, 2024, based on the given dates.
Looking at all parties unavailability the trial cannot start until after 19 April 2024. https://t.co/Ibr9TSYjAD
— bill morgan (@Belisarius2020) August 23, 2023
Following Judge Analisa Torres’ ruling that determined XRP was not a security, she announced the court’s decision to set a trial date for the second quarter of 2024.
She also noted that the SEC-Ripple summary judgment would remain in effect until the trial. Furthermore, Judge Torres set a deadline for both parties to submit their blackout dates for the trial.
In a Twitter thread posted by defence lawyer James K Filan, it was revealed that Ripple CEO Brad Garlinghouse and co-founder Chris Larsen responded to Judge Torres’ request for updated trial date availability. They informed her that the period from April 1 to April 14 would be inconvenient for them.
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Attorney Michael K. Kellog wrote the following to Judge Torres in a formal letter: “On behalf of Defendants Ripple Labs, Inc., I submit this letter pursuant to the Court’s Order directing that parties to notify the Court of dates they are unavailable for trial in the second quarter of 2024. Defendants Ripple has no blackout dates and is available for trial throughout the second quarter of 2024.”
Likewise, the SEC has responded to the court’s inquiry, informing them that they are accessible for trial during April, May, and June.
However, they have excluded specific dates, such as April 15–19, May 1–7, and May 27–31, from their schedule. Journalist Eleanor Terret shared the SEC’s letter on her official Twitter account, displaying the dates when they are available.
🚨NEW: The @SECGov has provided Judge Torres with dates they are available and unavailable for trial in the second quarter of 2024. 👇🏼 pic.twitter.com/44ipW54QpF
— Eleanor Terrett (@EleanorTerrett) August 23, 2023
After numerous noteworthy developments in the cryptocurrency realm, including the SEC’s legal actions against various exchanges and tokens, Judge Torres’ ruling provided a glimmer of optimism for investors.
Even though the judge has ordered a trial, investors and enthusiasts remain steadfast in their belief that XRP’s non-security status will remain unaffected by the proceedings.
