Ripple Lawsuit Takes New Turn: Jury Trial Scheduled For 2024 Amidst XRP Token Victory

Key Points:

• Judge Analisa Torres of the Southern District Court of New York announces plans for a jury trial in the Ripple lawsuit during the second quarter of 2024.
• A recent ruling favors XRP holders, confirming tokens are not securities.
• The decision adds complexity to the ongoing lawsuit, impacting both Ripple and the SEC.

In a significant turn of events regarding the Ripple lawsuit, Judge Analisa Torres has announced that the Southern District Court of New York is working towards scheduling a jury trial for the case in the second quarter of 2024.

This development comes after the recent ruling on July 13, 2023, which declared that the retail sale of XRP tokens does not fall under the category of securities, marking a major victory for XRP token holders.

Judge Torres has instructed both Ripple and the US Securities and Exchange Commission (SEC) to provide blackout dates for the trial by August 23, 2023. In a pre-trial scheduling order issued on Wednesday, the Court expressed its intention to plan a jury trial for the second quarter of 2024.

This development holds significance as it aligns with the anticipation of a potential appeal request from the US SEC, adding a layer of complexity to the ongoing situation.

Judge Torres’ recent order also underlines her meticulous assessment of Ripple’s institutional sales, which she distinguished as investment contracts. Notably, she made a crucial distinction by exempting sales conducted through digital platforms from securities regulations.

This pivotal differentiation forms the basis of her ruling that XRP does not meet the criteria to be classified as a security.

Attorney John Deaton, as reported by Coincu, remains confident about the possibility of appealing the Summary Judgment. Amidst speculations surrounding the fate of the verdict, Deaton has boldly expressed his belief that Judge Analisa Torres’ decision will stand unchanged.

The development of scheduling a jury trial for the second quarter of 2024 adds another layer of complexity to the ongoing Ripple lawsuit as both parties prepare to present their cases in a trial setting.

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