The court notes that the SEC v. Ripple case trial will commence on April 23, 2024.
In an exciting development, Judge Analisa Torres has officially scheduled a date for the highly anticipated trial in the SEC v. Ripple lawsuit after denying the U.S. SEC’s motion to file an interlocutory appeal in the ongoing SEC vs. Ripple case. According to a court order, the trial will be held on April 23, 2024.
“Trial in this matter is set to begin on April 23, 2024, at 9:00 a.m in courtroom 15D of the United States Courthouse, 500 Pearl Street, New York,” an excerpt from the order read.
Deadline for Court’s Pretrial Scheduling Order
Judge Torres also noted that the court’s pretrial scheduling order will remain in effect following the order. Notably, the parties shall submit any motions in limine by December 4, 2023, while oppositions to these motions are expected to be filed by December 18, 2023.
For clarity, a “motion in limine” is a pretrial motion filed by a party asking the court not to allow specific evidence at trial.
The court also ordered the parties to submit all pretrial filings by December 4, 2023. These pretrial filing also include verdict form, joint pretrial order, and request to charge.
On the same date, the parties shall submit a copy of the documentary exhibit they sought to be admitted and premarked to the court.
The court also ordered that by April 16, 2024, at 2:00 p.m., the parties shall converge for a pretrial motion in courtroom 15D.
Interestingly, the court ordered the parties and their counsels to meet for at least an hour prior to the pretrial conference. According to the order, this meeting will enable the parties to discuss a possible settlement in the case.
Court Denies SEC Request for Interlocutory Appeal
It bears mentioning that the order is part of the court’s ruling on SEC’s request for interlocutory appeal. As reported by The Crypto Basic, the court denied the SEC’s motion to file an interlocutory appeal.
Therefore, the SEC will have to wait until the case, especially the trial, has been fully resolved.
Upcoming Trial in SEC v. Ripple Case
The upcoming trial relates to the SEC’s case against Ripple executives – Brad Garlinghouse (CEO) and Chris Larsen (Chairman).
Recall that the SEC filed aiding and abetting charges against Garlinghouse and Larsen alongside its case against Ripple. The commission alleged that both execs were reckless in allowing Ripple to distribute XRP as unregistered security.
Notably, the court ruled in its summary judgment decision on July 13 that Ripple’s programmatic sales of XRP and other distributions were not securities.
However, it found that Ripple’s past sales to institutional investors, worth over $700 million, constitute investment contracts.
As a result, the court scheduled a trial to resolve the SEC’s case against Garlinghouse and Larsen. It bears mentioning that the parties have already disclosed their availability for the trial in previous filings.
Ripple CEO Boosts Legal Team
With Ripple execs expecting to pull another victory against the SEC, Garlinghouse has been bolstering his legal team ahead of the trial.
As reported earlier, Garlinghouse added attorney Rahul Mukhi of law firm Cleary Gottlieb Steen & Hamilton LLP to his legal team.
Attorney Mukhi has good experience in jury trials and has conducted 10 of these proceedings while working as an Assistant Attorney in the Southern District of New York (SDNY).
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
