SEC and Ripple Inform Court of Availability for Trial in Q2 2024

Both the SEC and Ripple have informed Judge Torres about their availability for the upcoming trial scheduled to take place in Q2 2024.

Ripple Labs and the United States Securities and Exchange Commission (SEC) have submitted their respective blackout dates for the upcoming trial.

Earlier this month, Judge Analisa Torres ordered the parties to prepare for the trial involving Ripple’s execs- Brad Garlinghouse and Chris Larsen.

It bears mentioning that the trial aims to resolve the dispute between the SEC and Ripple execs.

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The commission filed aiding and abetting charges against the execs, alleging they were reckless in allowing Ripple to distribute XRP as an unregistered security.

Although Judge Torres ruled on July 13 that XRP itself is not a security, she scheduled the SEC’s aiding and abetting charges against Ripple execs for trial.

Notably, the trial is expected to commence in the second quarter of 2024. Consequently, the court ordered the parties to submit dates they will not be available for the trial in Q2 2024. 

As reported earlier, Garlinghouse and Larsen submitted their blackout dates for the said quarter.

Ripple Has No Blackout Date

Yesterday, Ripple Labs responded to the court’s order regarding the submission of blackout dates for the upcoming trial. The development was shared on X (formerly Twitter) by seasoned crypto lawyer James K. Filan.

#XRPCommunity #SECGov v. #Ripple #XRP Counsel for Ripple has informed Judge Torres that Ripple is available for trial anytime in the second quarter of 2024. pic.twitter.com/JoZZlxcJSr

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 23, 2023

Notably, counsel for Ripple Labs notified the court that the defendant had no blackout dates throughout Q2 2024. According to the letter, Ripple will be available for trial throughout the second quarter of 2024.

“Defendants Ripple has no blackout dates and is available for trial throughout the second quarter of 2024,” Ripple’s counsel noted.

SEC Blackout Dates

Similarly, the SEC submitted its blackout dates in compliance with the court’s order. According to a letter shared by Fox Business journalist Eleanor Terrett, the SEC informed Judge Analisa Torres that it would be available for trial throughout April, May, and June 2024.

🚨NEW: The @SECGov has provided Judge Torres with dates they are available and unavailable for trial in the second quarter of 2024. 👇🏼 pic.twitter.com/44ipW54QpF

— Eleanor Terrett (@EleanorTerrett) August 23, 2023

However, the commission highlighted specific dates within these months that it would be unavailable. The SEC’s blackout dates include April 15-19, May 1-7, and May 27-31. Counsel to the SEC did not indicate why it chose the above blackout dates.

Meanwhile, the SEC’s submission of blackout dates for trial may surprise many who did not expect the commission to comply with the court’s order.

Recall that the SEC, in its motion for interlocutory appeal, asked the court to stay the trial proceeding. The court has yet to issue a ruling regarding the SEC’s request to stay the trial proceeding.