Ripple SEC Case Progresses: Jury Trial Scheduled for 2024

Beginning in the second quarter of 2024, the judge presiding over the civil case brought by the United States Securities and Exchange Commission (SEC) against Ripple Labs will schedule a jury trial.

In an August 9 filing in the U.S. District Court for the Southern District of New York, Judge Analisa Torres stated that a jury trial for Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen would proceed.

The judge gave prosecutors and defense attorneys until August 23 to submit exclusion dates for the trial, but he aimed for a start date between April 1 and June 30, 2024.

Torres ruled that the XRP coin was not secure regarding programmatic transactions on digital asset exchanges.

The court’s decision in SEC v. Ripple was not a definitive determination, and the blockchain company, Garlinghouse, and Larsen may still be held liable for other violations.

In a motion to dismiss filed on August 4, Coinbase, which faces litigation from the SEC, cited Torres’ ruling on XRP.

On July 31, a different judge supervising the regulator’s case against Terraform Labs rejected the majority of the Ripple case ruling in a motion to dismiss.

In December 2020, the SEC filed a lawsuit against Ripple and its two executives, prompting many exchanges to delist XRP to avoid similar legal complications.

However, due to Judge Torres’ ruling on July 13, many companies have already relisted the token or have stated that they are considering doing so.

In the United States, several prominent crypto figures face civil or criminal charges.

The SEC is pursuing civil cases against Coinbase and Binance, and former FTX CEO Sam Bankman-Fried and former Celsius Network CEO Alex Mashinsky have been arrested on suspicion of defrauding customers.