- The letter was submitted to Judge Analisa Torres on August 22 by attorneys representing both Ripple executives charged in the lawsuit.
- The letter noted that individual defendants will not be present during the trial from April 1, 2024, through April 14, 2024.
The road to the final ruling on the SEC vs. Ripple case is expected to take another two years. However, blockchain payment giant Ripple already received the signal they wanted from the beginning and now can afford to buy time through delays. Moreover, District Judge Analisa Torres ruled in last month’s summary judgment that XRP sales on centralized exchanges and miscellaneous sales by Ripple executives do not constitute an investment contract and thus never violated any securities act.
Consequently, most of the centralized exchanges in the United States that had delisted XRP, following the onset of the lawsuit two years ago, announced their intent to re-list the digital asset for public trading. The XRP trading volume has since significantly increased as the liquidity health dramatically improved following the relisting.
Ripple Executives to Skip Trial During Bitcoin Halving
According to a letter submitted by Martin Flumenbaum, the counsel for defendant Christian A. Larsen, and Matthew C. Solomon, the counsel for defendant Ripple CEO Brad Garlinghouse, to District Judge Analisa Torres on August 22, the two defendants will be absent during the trial hearing from April 1, 2024, through April 14, 2024. However, the letter noted that the individual defendants will be available for trial during the second quarter of 2024.
Coincidentally, the fourth Bitcoin halving event is expected to take place during the same period that the Ripple executives will be absent for the trial. With about 232 days left until the Bitcoin halving expected date of April 12, it is interesting for the two executives to exempt themselves from the trial date. Nonetheless, their absence from the court is expected to not make a huge difference as there is no new evidence presented in the case nor new law applied following the summary judgment last month.
As a result, most legal experts believe Ripple has the upper hand in winning the case, which will be a monumental turning point for the entire crypto industry, especially in the United States. Meanwhile, the SEC is expected to stomach a huge loss that could mean it does not have jurisdiction over digital assets. The gameplay will be left to Congress to enact a clear crypto regulatory framework to ensure safe adoption of the industry.
XRP Market Outlook
Following the recent summary judgment, XRP price has increased in short-term volatility as deep-pocketed investors accelerated their accumulation. From a technical standpoint, XRP price is expected to range between 35 cents and $1.3 until the Bitcoin halving triggers the crypto bull rally. Meanwhile, Ripple has continued to work with big projects in the stablecoins industry and central banks developing CBDCs.
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