The thrilling legal saga between Ripple and the Securities and Exchange Commission (SEC) is set to continue, with a jury trial anticipated for the second quarter of 2024.
Judge Analisa Torres is directing both parties to prepare for this next phase, aiming to address outstanding matters in the case. Notably, these matters will examine the accountability of Ripple's executives.
Last month, on July 13, the court partially accepted and partially rejected the motions for summary judgment filed by both sides. This meant that not all issues were resolved, necessitating the upcoming jury trial.
By Aug. 23, both Ripple and the SEC have been instructed to submit potential blackout dates for the trial. Subsequently, by DEC. 4, both sides will be required to submit all necessary pretrial documents, including motions in limine (requests that certain evidence be excluded) and other relevant documents, in line with the Court's standard practices for civil cases.
It is worth noting that the jury will be tasked specifically with determining whether Ripple's Brad Garlinghouse and Chris Larsen aided and abetted the company in selling unregistered securities. It's a significant aspect of the case that remains disputed and was not settled during the summary judgment phase.
Judge Torres's prior decision that secondary sales of XRP aren't securities remains in effect. However, the SEC is expected to appeal the decision.
Arman Shirinyan
