- The court denied the SEC’s bid for an early appeal in the Ripple lawsuit, signaling a significant development.
- The trial date for the Ripple lawsuit is April 2024, depending on timely document submissions.
The United States District Court for the Southern District of New York has delivered a significant development in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple. In a recent ruling, Judge Analisa Torres denied the SEC’s motion to file an interlocutory appeal, signaling a pivotal moment in this legal battle.
On Tuesday, October 3, 2024, Judge Torres made a decisive move by rejecting the SEC’s request for an interlocutory appeal involving Ripple Labs, its CEO Brad Garlinghouse, and Executive Chairman Chris Larsen. The denial of this appeal comes on multiple grounds, indicating a firm stance from the court.
The SEC’s motion to certify an interlocutory appeal faced rejection for several reasons. Firstly, the agency failed to articulate how the court’s ruling improperly applied the Howey test, a fundamental criterion in securities regulation. Secondly, the SEC couldn’t provide convincing arguments that an interlocutory appeal would lead to a reversal of the judgment. Lastly, the court found no substantial reasons to challenge the conditions supporting the sale of XRP tokens as an investment contract.
Ripple’s Trial Date Confirmed
With the denial of the interlocutory appeal, Judge Torres has set a definitive date for the trial in the XRP lawsuit – April 23, 2024. However, it’s important to note that this trial date hinges on both parties complying with the document submission deadline of December 4, 2023, as outlined in the Court’s Pretrial Scheduling Order.
The Court’s order emphasizes the importance of timely submissions. By December 4, 2023, the parties must submit any motions in limine, with oppositions to these motions due by December 18, 2023. Failure to adhere to these deadlines could result in further delays in the XRP lawsuit trial.
It’s worth mentioning that the trial might not proceed as planned if the SEC decides to drop the case in the coming weeks. Attorney Jeremy Hogan has indicated that denying the SEC’s motion for an interlocutory appeal could be considered a significant setback for the agency.
The SEC's motion for interlocutory appeal DENIED.
Which means, the case either goes to trial in April, or goes away.
AND, this Order allowed the Judge to explain parts of her ruling even better, making appeal that much harder for the SEC to win.
Disaster for the agency. https://t.co/y1Gz8LolrG pic.twitter.com/hkktKMD4Ut
— Jeremy Hogan (@attorneyjeremy1) October 4, 2023
In response to these legal developments, the price of XRP experienced a notable 4 percent surge. This underscores the notion that legal proceedings of this magnitude can significantly impact cryptocurrency prices.
Speculations on XRP’s Price Movement
Cryptocurrency analysts have made various predictions of price movements of XRP in light of these developments. Egrag Crypto, for instance, has boldly projected a potential price surge exceeding 1,000 percent, envisioning XRP trading at $6.7. This prediction is rooted in XRP’s continued support above a crucial 10-year trendline.
Another analyst suggests that XRP may be on the verge of a breakout from its recent sideways trading pattern, similar to movements observed in other digital assets like MakerDAO’s $MKR. These predictions highlight cryptocurrency markets’ speculative nature, where legal developments and technical analysis can significantly influence prices.
Wells Fargo Manager Shannon Thorp has weighed in on the matter, suggesting that as the cryptocurrency sector expands to a projected $250 trillion, it could propel XRP to a staggering $500.
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