In the latest development in the Ripple-SEC lawsuit, ruling Judge Torres has issued a pretrial scheduling order.
On July 13, the court granted in part and denied in part the parties' motion for summary judgment.
As stated in the pretrial scheduling order, the court will seek to schedule a jury trial for the second calendar quarter of 2024.
The upcoming dates are as given: by Aug. 23, 2023, the parties are expected to submit blackout dates for trial. Motions and oppositions by the parties are expected on Dec. 4 and 18, respectively.
Also on Dec. 4, the parties are expected to submit all required pretrial filings and deliver to the court the documentary exhibit sought. The court stated it will schedule a final pretrial conference date upon setting a certain date for trial.
Here are three things not going to trial: CryptoLaw
CryptoLaw, a legal entity founded by XRP holders' attorney John E. Deaton, provided some information on Twitter, which it calls "fact checks," to enlighten and remind XRP holders of the case trial's expectations.
#FactCheck on pre-trial schedule issued today by Judge Torres (1/2)— CryptoLaw (@CryptoLawUS) August 9, 2023
- @Ripple is NOT "going on trial"
- Judge Torres' ruling that the XRP token is not a security is NOT going to trial
- The trial will NOT decide matters of law, only one narrow set of facts in dispute
CryptoLaw highlights matters that will not go to trial. First, Ripple is not "going on trial." Second, Judge Torres' ruling that the XRP token is not a security is not going to trial.
Third, matters of law will not go to trial: "The trial will not decide matters of law, only one narrow set of facts in dispute."
According to CryptoLaw, the remaining disputes are those related only to allegations of Ripple executives Chris Larsen and Brad Garlinghouse aiding and abetting the company's violations.
In a new move, the SEC has filed a letter seeking leave to file an interlocutory appeal. The SEC also sought a stay of all proceedings pending appeal.
Pro-Ripple lawyer Jeremy Hogan reacted to the news: "The SEC continues making questionable decisions, requesting an interlocutory appeal. Note that it is not appealing whether XRP itself is security—just its losses on the programmatic and individual sales issues."
Hogan expresses optimism that XRP might not face delisting as a result of the move.