Hearings on the SEC's lawsuit against Ripple will last until April 2024
Date: 2023-08-27 Author: Karina Ziganova Categories: BUSINESS
Litigation between Ripple Labs and the US Securities and Exchange Commission (SEC) will end no earlier than April 2024.
It is known that Ripple and the SEC have submitted a list of dates indicating their availability and unavailability for the upcoming trial in the second quarter of next year. Journalist Eleanor Terret released a copy of the SEC's letter to the judge, listing availability dates.
According to the document, the SEC will be available for litigation in April, May and June. However, the commission excluded some dates from its list, such as April 15–19, May 1–7, and May 27–31. Thus, the SEC blocked 19 days per quarter, approximately 21% of the entire period.
At the same time, defense attorney James Filan said that his clients are available at any time:
“Ripple’s lawyer advised Judge Torres that Ripple is available for trial at any time during the second quarter of 2024.”
SEC and Ripple Proceedings Continue
On July 13, Judge Analisa Torres ruled that the sale of the Ripple token (XRP) to retail investors cannot be considered an illegal sale of securities. However, the SEC said it wants to contest the partial defeat in the Ripple case. The regulator will seek an interlocutory appeal. The SEC announced that they intend to appeal the judge's decision on the offers and sale of XRP.
Ripple now has until September 1 to protest the SEC's motion to file an interlocutory appeal.
SEC to spend years on Ripple case
However, the head of Ripple, Brad Garlinghouse, believes that the SEC may need “years” before it can appeal the court’s decision to recognize XRP as a security.
According to the head of the blockchain company, if the Commission filed an appeal against the retail sales order, this would only further strengthen the court's decision. However, it will likely take some time before the regulator can appeal.
