Following the announcement by Judge Analisa, Jeremy Hogan, a partner at Hogan & Hogan, highlighted that the final judgment in the case will not be issued until at least late 2024.
The lawsuit filed by the United States Securities and Exchange Commission (SEC) against Ripple and its executives for alleged law violations through XRP sales took a dramatic shift since last month’s ruling. The cryptocurrency market in the United States has experienced significant gains with institutional investors, led by BlackRock Inc (NYSE: BLK), MicroStrategy Inc (NASDAQ: MSTR), and PayPal Holdings Inc (NASDAQ: PYPL). Additionally, the United States House Financial Services Committee, led by Chairman Patrick McHenry, held a markup of legislation to provide a clear regulatory framework for digital assets last month.
Way Forward for the SEC vs Ripple Case
With the ruling already out, and XRP is partially declared a security and a non-security by the court, the SEC filed an interlocutory appeal on Wednesday. Notably, the SEC Chair has several argued that Ripple violated the securities law by selling XRP to retail and institutional investors to raise money for its projects. As a result, the SEC was not pleased with the ruling that XRP sales on crypto exchanges are not securities whatsoever.
In a bid to enter the closure of the lawsuit, District Judge Analisa Torres issued the expected data for the jury trial. According to a court filing shared by Fox Business reporter Eleanor Terrett, a jury trial for the SEC vs Ripple case has been scheduled for the second quarter of 2024.
🚨NEW: Judge Torres says the Court will seek to schedule a jury trial for the @SECGov/@Ripple case in the second calendar quarter of 2024.
Torres has ordered both parties to submit blackout dates for trial by Wednesday, August 23rd. See the full deadline schedule below. 👇🏼 pic.twitter.com/3GrE4FDPEu
— Eleanor Terrett (@EleanorTerrett) August 9, 2023
Notably, the Judge ordered that both Ripple and the SEC must submit the blackout dates for trial by August 23. As a result, the Judge noted that both parties have until December 04, 2023, to submit any motions in limine. In this regard, Judge Analisa ordered that oppositions to any motions in limine must be submitted by December 18, 2023.
Following the announcement by Judge Analisa, Jeremy Hogan, a partner at Hogan & Hogan, highlighted that the final judgment in the case will not be issued until at least late 2024. Further, the lawyer expects any appeal after the trial ruling to happen until 2025.
Market Outlook
The revelations technically gave the XRP community a breather as exchange sales will not be regarded as security until 2025. From a crypto macro perspective, the crypto bull market is expected to take place around 2025 after next year’s Bitcoin halving. Notably, XRP price continues to trade inside a macro-symmetrical triangle despite the recent bullish breakout.
As a result, crypto analysts believe XRP will experience heightened resistance around $1.3 before revisiting its ATH. Currently, XRP price is experiencing a correction that has pushed it around 63 cents with a daily traded volume of approximately $1.5 billion.
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