Ripple lawsuit progresses as SEC appeal denied, trial date set for April 2024 By Investing.com
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The ongoing legal dispute between Labs and the United States Securities and Exchange Commission (SEC) saw significant developments this week. The SEC’s appeal against a previous ruling in favor of Ripple was denied on Tuesday, and a trial date has now been set for April 23, 2024.
Judge Analisa Torres of the United States District Court for Southern District of New York, who is presiding over the case, handed down an order on Tuesday rejecting the SEC’s interlocutory appeal motion. The commission had sought to challenge a July 13 ruling where Judge Torres partially sided with Ripple, asserting that XRP token retail sales weren’t securities. However, the SEC’s inability to substantiate grounds for differing opinions and their failed request for stay further complicated their position.
Following these developments, on Wednesday the court announced a trial date for the lawsuit against Ripple Labs and its executives Brad Garlinghouse and Chris Larsen. The trial is set to take place on April 23, 2024. The court also stipulated a December 2023 deadline for document submission.
In response to these announcements, Ripple’s XRP token experienced a 4% price increase.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters.
The ongoing legal dispute between Labs and the United States Securities and Exchange Commission (SEC) saw significant developments this week. The SEC’s appeal against a previous ruling in favor of Ripple was denied on Tuesday, and a trial date has now been set for April 23, 2024.
Judge Analisa Torres of the United States District Court for Southern District of New York, who is presiding over the case, handed down an order on Tuesday rejecting the SEC’s interlocutory appeal motion. The commission had sought to challenge a July 13 ruling where Judge Torres partially sided with Ripple, asserting that XRP token retail sales weren’t securities. However, the SEC’s inability to substantiate grounds for differing opinions and their failed request for stay further complicated their position.
Following these developments, on Wednesday the court announced a trial date for the lawsuit against Ripple Labs and its executives Brad Garlinghouse and Chris Larsen. The trial is set to take place on April 23, 2024. The court also stipulated a December 2023 deadline for document submission.
In response to these announcements, Ripple’s XRP token experienced a 4% price increase.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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