As the legal tussle between the SEC and Ripple continues to linger, here are the upcoming events of the case.
It is almost three years since the SEC charged Ripple Labs with violating securities laws via the sales of XRP, an asset it alleged to be an unregistered security.
In July 2023, the court issued the highly anticipated summary judgment decision, with each party securing a partial victory. Although the court concluded Ripple’s institutional sales of XRP violated securities laws, it found that sales to retail investors did not.
While many thought the lawsuit was almost over following the ruling, the SEC asked the court to certify an interlocutory appeal. It claimed that the July 13 ruling contained controlling questions of law, creating room for differences of opinion.
However, the court denied the regulator’s request, emphasizing that it applied the relevant facts to the case.
What’s Next?
Now that the SEC’s interlocutory appeal request has been denied, the major question within the XRP community is what next? A trial is the next event in the SEC v. Ripple case.
It can be recalled that the SEC’s initial complaint also includes aiding and abetting charges against two of the company’s execs- Chris Larsen (chairman and co-founder) and Brad Garlinghouse (CEO).
The case has been scheduled for a trial. In its most recent ruling, the court ordered that the trial be held on April 23, 2024, in courtroom 15D of the United States Courthouse, 500 Pearl Street, New York.
Before the main trial, the court also scheduled a pre-trial proceeding for the parties. Notably, the court set a deadline of December 4, 2023, for the parties to submit their pre-trial filings and exhibits.
While motions in limine will be submitted by December 4, oppositions are scheduled to be filed by December 18, 2023. Furthermore, the court also arranged a pre-trial conference by April 16, 2024, at 2:00 p.m.
In addition, the court ordered the parties to hold a settlement discussion on the matter at least an hour before the final pre-trial conference.
Potential Schedule for SEC v. Ripple
Interestingly, pro-XRP lawyer Fred Rispoli has highlighted potential dates for other events in the lawsuit. In a recent tweet, Attorney Rispoli speculated that the upcoming trial could last for at least eight weeks or more.
The lawyer noted that after the trial, the court will also schedule a post-trial that may be completed around September 2024.
Since the SEC’s request for an immediate appeal was denied, many legal experts predict that the regulator will file a full appeal after the trial ends.
In this regard, Rispoli forecasts that the appellate briefing to the Second Circuit will be concluded around February 2025. He added that the higher court would issue a decision by February 2026, a year later.
…by both parties. These will take a few months just for briefing, likely completed around September-ish 2024. Appellate briefing to 2nd Cir. would not be completed until around February 2025. The 2nd Cir. will take about a year to decide the case, so around Feb. 2026. 2/3
— Fred Rispoli (@freddyriz) October 4, 2023
After the Second Circuit’s decision, any of the aggrieved parties may approach the Supreme Court for revision. Attorney Rispoli predicted that the Supreme Court could accept the review around February 2027.
