Although blockchain company Ripple scored a major win in the court standoff with the United States Securities and Exchange Commission (SEC), the case is yet to see its conclusion, and attorney Jeremy Hogan has shared his views on the potential timeline for the final judgment and possible subsequent appeals.
As it happens, Judge Analisa Torres has recently said that the Court would seek to schedule a jury trial for the case in the second quarter of 2024, ordering both parties to submit blackout dates for trial by August 23, according to the pretrial scheduling order shared by Fox Business journalist Eleanor Terrett on August 9.
Summer of 2024?
Retweeting her post, Hogan commented that the “individual Defendant’s trial will begin around May 2024,” adding that this also meant that the Final Judgment in this case would not be available until “late summer 2024 (at earliest)” and that “any appeal would go well into 2025.”
As he noted, “the glove is on the other hand now,” and “delays are GOOD for XRP and Ripple,” alluding to the fact he pointed out earlier – if the SEC pursues an appeal under the direction of chief Gary Gensler, it could suffer an even worse loss, particularly in terms of finances, and Ripple could drag the initial appeal out until the next presidential election or beyond.
Meanwhile, attorney Stuart Alderoty said that the SEC did not have the ‘right’ to appeal just yet, “which is why they are asking permission to file an ‘interlocutory’ appeal,” announcing that “Ripple will file its response with the Court next week,” as he explained in a post shared on August 10.
Specifically, Alderoty was referring to the tweet by defense attorney James K. Filan, in which he stated that the SEC had filed a “Letter outlining its basis for filing a Motion for Leave to File an Interlocutory Appeal regarding ‘Programmatic’ offers and sales to XRP buyers over trading platforms and Ripple’s ‘Other Distributions.’”
In the meantime, the XRP token, which is at the center of this legal saga, is currently changing hands at the price of $0.626, indicating a decline of 2.82% in the last 24 hours, dropping 6.62% across the previous seven days, and increasing 31.33% over the past month, as per the data on August 10.
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