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Ripple‘s legal battle with the SEC continues. The case, now in its third year, is eagerly awaited by crypto enthusiasts. The latest court filing by Judge Torres on November 13, 2023, has solidified the schedule for pre-trial motions and discoveries related to SEC solutions until April 29, 2024.
Legal Process and Witness Dynamics
Although a large part of the complaint has been dismissed, the accusation regarding the sale of XRP tokens during Ripple’s launch continues. The hearing, initially set for April 23, 2024, is pending a rescheduled date, bringing a typical level of uncertainty to complex legal proceedings.
Interestingly, the postponement or indefinite process brings to the fore the uncertainty related to witness testimony. The delay implies that the availability of witnesses plays a significant role in setting the trial date. This adds a layer of complexity to the high-profile case’s intricate dynamics.
While the Ripple case maintains its uncertainty, Judge Torres has not yet set a definitive date for the corporate trade hearing. Jury selection could begin next summer, and the main trial is likely to take place in the second half of 2024. Although delays are common, they heighten anticipation and the final schedule will bring clarity.
The Crypto Market Holds Its Breath
As crypto investors eagerly await a legal and regulatory framework, Judge Torres’ decision in July implied that tokens similar to Ripple’s are more currency than securities.
When clarity arrives, the SEC will present a long-awaited rulebook guiding its regulatory scope, impacting the broader crypto market. Until then, the hope is that the SEC vs. Ripple Labs case, reaching a jury in 2024, will act as a catalyst for definitive regulations and bring order to the current market uncertainty.
With its successful international payment system, Ripple continues its operations amidst courtroom drama, keeping investors on edge. Meanwhile, the price of XRP does not reflect investor skepticism, having recently lost its position to Solana. Regardless, the uncertainty presents a negative situation for both XRP and Ripple.
