In a major development in the ongoing Ripple lawsuit, Judge Analisa Torres of the Southern District Court of New York has issued a pretrial scheduling order that sets the stage for a jury trial in the second quarter of 2024.
The order, which was issued on Wednesday, August 9, 2023, requires both parties in the lawsuit, Ripple Labs and the U.S. Securities and Exchange Commission (SEC), to submit blackout dates for trial by August 23, 2023. The blackout dates are intended to prevent either party from taking any actions that could prejudice the jury pool in the lead-up to the trial.
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In addition, the order requires both parties to submit all pretrial files by December 4, 2023. This includes all documents, exhibits, and witness lists that the parties plan to introduce at trial. The order also leaves open the possibility that the parties may submit motions in limine, which are motions that are filed before trial to exclude certain evidence or testimony.
🚨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
Once the parties submit their blackout dates, pretrial files, and motions in limine, Judge Torres will schedule a final pretrial conference date. At this conference, the parties will have an opportunity to discuss any remaining issues and to finalize the trial schedule.
The issuance of the pretrial scheduling order is a significant development in the Ripple lawsuit. It means that the case is moving closer to trial, and it sets the stage for a jury to decide the fate of XRP.
It is unclear at this time whether the SEC will appeal Judge Torres’s July 13 ruling. If the SEC appeals, it could delay the jury trial until 2025 or later.
However, even if the SEC does not appeal, the pretrial scheduling order means that the Ripple lawsuit will likely dominate the headlines for the next year. It will be interesting to see how the XRP price reacts to the developments in the case, and whether the lawsuit has a lasting impact on the crypto industry.
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What This Means for XRP Holders
The issuance of the pretrial scheduling order is a positive development for XRP holders. It means that the case is moving closer to a resolution, and it gives XRP holders hope that the lawsuit will be dismissed.
However, it is important to note that the SEC could still appeal Judge Torres’s ruling and that the jury trial could still go against Ripple. As such, XRP holders should not expect the price of XRP to surge in the immediate future.
Instead, XRP holders should focus on building a strong case for the defense. This includes providing evidence that XRP is not a security and that Ripple did not violate any securities laws.
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