Ripple Gears Up for SEC Face-Off

The legal counsel for Ripple has expressed the firm’s readiness for a trial anytime in the second quarter of 2024.

In an official letter addressed to Analisa Torres of the United States District Court, Southern District of New York, attorney Michael K. Kellogg stated that Ripple is available for trial throughout the specified period, indicating no blackout dates.

This announcement follows a series of notable developments in the ongoing litigation. Only a day prior to this, Ripple CEO, Brad Garlinghouse, bolstered his defense by enlisting two leading attorneys from the prestigious Cleary Gottlieb Steen & Hamilton LLP. Michael A. Schulman and Caleb J. Robertson have both expressed their intentions to represent Garlinghouse.  

However, the road ahead may not be without its challenges. The formidable regulatory agency has recently taken steps to appeal a previous decision by Judge Torres. This comes after the court ruled that XRP coin sales on digital platforms did not qualify as unregistered securities, snubbing the SEC’s arguments.  

As reported by U.Today, the SEC’s efforts to seek an interlocutory appeal were recently granted by the U.S. District Court for the Southern District of New York. The SEC has already formally requested the appeal, but the court has yet to authorize it.

It’s clear that both parties are gearing up for a potentially landmark trial in the crypto sphere.