Mark Your Calendar: XRP Trial Date Revealed Amid Ripple-SEC Battle
The trial between Ripple and the SEC over XRP is scheduled for Q2 2024, with both parties expressing their intention to proceed with the appeal during that quarter.
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Posted 8/26/2023, 12:00:27 PM
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Despite a recent crash, Ripple's largest token holders are accumulating massive amounts of XRP in anticipation of a potential bull market and the outcome of the SEC case.
XRP rallied on Sunday, avoiding dropping below $0.50 for the second consecutive day, while Ripple has until September 1 to respond to the SEC filing and the SEC has until September 8 to address any response. Capitol Hill is being watched for potential developments in US crypto regulation.
The U.S. Securities and Exchange Commission (SEC) has revealed that the trial for the case against Ripple Labs is scheduled for April 2024, while three attorneys from the SEC's legal team have left the case, leading to speculation about their motivations.
Ripple's final victory in its legal battle against the SEC regarding the classification of XRP remains uncertain as both parties indicate their availability for trial in the second quarter of 2024, with a potential trial start date of April 20; meanwhile, the price of XRP has experienced a decline amid market uncertainty.
Judge Analisa Torres is expected to reject the SEC's interlocutory appeal regarding the Ripple case, potentially delaying a complete appeal until late 2024, according to attorney John Deaton, who believes the judge made a fair decision based on applying the Howey test to each charge brought by the SEC. Deaton also discussed the challenge of holding regulators accountable due to qualified immunity.
Ripple attorneys are preparing for the SEC's appeal in the lawsuit, with a focus on the Howey Test and former SEC official William Hinman's speech, while XRP is at risk of closing September with losses based on historical trends and struggles to start an upward trend.
Ripple has objected to the SEC's motion to file an interlocutory appeal, arguing that the SEC failed to establish the conditions necessary for approval; meanwhile, Ripple's XRP token has seen a strong start to the month with high on-chain metrics.
A court ruling that declared Ripple's XRP token not a security offering may signal a shift in the US legal system's approach to cryptocurrency regulation and ongoing SEC lawsuits.
The U.S. SEC is seeking an appeal in the Ripple Labs lawsuit, arguing that there are contentious legal issues surrounding the court's application of the law and the Howey Test that warrant a review. The SEC is requesting a stay on proceedings until the resolution of the appeal.
Ripple Labs' legal counsel accuses the SEC of hypocrisy for seeking an appeal in the recent XRP court ruling after claiming that the rules were clear and must be followed.
Ripple's XRP drops over 5% in the past 24 hours, falling below $0.50, as the SEC appeals a judge's decision in the legal fight against Ripple.