Although the blockchain company Ripple achieved a significant victory in its legal battle with the U.S. Securities and Exchange Commission (SEC), the case is not yet finalized. Attorney Jeremy Hogan, a supporter of XRP, shared his views on the potential timeline for the final decision and appeal, aiming to clarify any uncertainties.
SEC-Ripple Lawsuit May Conclude in the Summer of 2024
According to the pre-trial scheduling order shared by Fox Business reporter Eleanor Terrett on August 9, Judge Analisa Torres, who presides over the SEC’s lawsuit against Ripple, recently stated that the court will attempt to schedule a jury trial for the second quarter of 2024 and ordered both parties to propose their preferred dates for the trial by August 23.
Hogan, who shared Terrett’s post on his X account, commented that his individual defendant trial may begin around May 2024. He added that this also implies that the final decision for the case will not come out until the end of the summer of 2024 at the earliest, and any appeal could last until 2025. Experts consider the delays in the court’s final decision to be beneficial for XRP and Ripple but potentially detrimental for the SEC under the leadership of Gary Gensler, especially in terms of financial losses. They even speculate that Ripple’s first appeal could extend until the next U.S. presidential election and beyond.
SEC’s Appeal Move
In the early hours of the day, news broke that the SEC obtained permission from the court to appeal the Ripple decision. Ripple’s Chief Legal Officer Stuart Alderoty pointed out that the SEC is only seeking permission to file a temporary appeal and does not yet have the right to appeal. Alderoty also announced that Ripple will respond to the SEC’s request next week in court.
Alderoty specifically referred to a tweet by defense attorney James K. Filan, stating that the SEC submitted a letter summarizing its reasons for seeking permission to file a temporary appeal regarding the sales made to XRP buyers through trading platforms and other distributions.
Following the SEC’s appeal move, XRP, which is at the center of the lawsuit against Ripple, turned downward. XRP has dropped by 2.15% in the past 24 hours and is currently trading at $0.627.
