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While Ripple’s partial victory over SEC did send a positive shockwave in the cryptosphere, it is time to face what’s real – the case continues.
Judge Analisa Torres, the one responsible for ruling that XRP won’t be considered a security when sold to retail investors, has found Ripple guilty of selling XRP as an implied investment contract.
Judge Torres issued a document known as the Pretrial Scheduling Order on Wednesday, highlighting upcoming dates related to Ripple Vs. SEC Trial.
Critical Dates of the SEC vs. Ripple Trial
August 23, 2023
SEC and Ripple must submit the blackout trades for the trial by August 23, 2023. Blackout dates prevent any party from taking any action that can impact the Jury pool in the lead-up to the trial.
🚨NEW: Judge Torres says the Court will seek to schedule a jury trial for the @SECGov/@Ripple case in the second calendar quarter of 2024.
Torres has ordered both parties to submit blackout dates for trial by Wednesday, August 23rd. See the full deadline schedule below. 👇🏼 pic.twitter.com/3GrE4FDPEu
— Eleanor Terrett (@EleanorTerrett) August 9, 2023
December 4, 2023
The order has instructed both parties to file their motions in limine by December 4th. A motion in limine allows litigators to exclude specific evidence from being presented to the jury.
All the pretrial filings, including proposed joint pretrial order, requests to charge, verdict form, and voir dire questions, must also be filed by December 4th.
Once both documents are submitted, Judge Torres will schedule the final pretrial conference date. The pretrial conference will be critical for SEC and Ripple to resolve any issues before the trial.
Another critical factor to remember is the SEC’s intention to challenge the Ripple Ruling. The Security Exchanges Commission did express disagreement with Judge Torres’ ruling and hinted that it would challenge this decision. If that comes to pass, the SEC vs. Ripple jury trial will likely delay until 2025 and beyond.
From the looks of it, that would likely be the case.
SEC Seeks Stay of All Proceedings Pending Appeal
On August 9th, 2023, SEC filed an official letter to Torres, stating that the decision calls for reconsideration by an appellate court. The Securities Exchange Commission also expressed its desire to pause the case during the appeal through the letter.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: SEC Files Letter outlining its basis for filing a Motion for Leave to File an Interlocutory Appeal regarding “Programmatic” offers and sales to XRP buyers over trading platforms and Ripple’s “Other Distributions.”…
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 9, 2023
The commission has justified its demands by stating that the appeal’s result would impact multiple court cases – most of which are related to SEC.
XRP Price Today
Today’s news has had no impact on XRP’s price. The token is still consolidating around the $0.63 mark and has experienced a 2% decline in the last 24 hours. However, its trading volume has also witnessed a 32% uptick.
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