New details emerge in Ripple trial
New details emerge in Ripple trial
District Court Judge Analisa Torres, who issued the fateful ruling in the Ripple case, said a New York court will impanel a jury in the case, which will sit in the second quarter of 2024.
In a ruling on July 13, 2023, the court stated that retail sales of XRP do not qualify as securities, a decision applauded by the crypto community and exchanges.
Judge Torres also ruled that Ripple and the Securities and Exchange Commission (SEC) must provide a closed trial date for the second quarter of 2024 by August 23, 2023.
This is important because a potential appeal by the SEC's attorneys depends on it.
Judge Analisa Torres' ruling has created positive sentiment in the industry and brought XRP back to many platforms, as retail sales of the token are recognized as non-securities and institutional sales of Ripple are called investment contracts. Token sales through digital platforms are also exempt from securities regulations.
As Coincu reports, this is a key approach in the Ripple case, as the ruling states that XRP does not meet the classification of a security.
Ripple attorney John Deaton still fears an appeal from the SEC but is confident that Judge Analisa Torres' ruling will remain unchanged.
Now, jury selection and the scheduling of a preliminary hearing for the second quarter of 2024 add a new level of excitement to Ripple's ongoing litigation.
Other news: The Federal Reserve steps up oversight of banks' cryptocurrency activities.
