The U.S. Securities and Exchange Commission (SEC) has lost three attorneys from its legal team amid news that a federal judge has scheduled a trial for the remaining arguments in the case with Ripple Labs.
In the notable development, the most likely XRP suit trial date was revealed for the second quarter of 2024.
Ripple v. SEC Trial Set For April 2024
In a recent update on X (formerly Twitter), well-known Fox Business journalist Eleanor Terrett brought attention to a recent development involving the SEC’s case against Ripple.
According to Terrett, the SEC shared an important document with Judge Analisa Torres of the U.S. District Court for the Southern District of New York, which disclosed a window of trial availability in the second quarter of 2024. The regulatory agency is available for XRP trial proceedings during the months of April, May, and June 2024, with the exception of April 15-19, May 1-7, and May 27-31.
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
Notably, the legal team for Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen informed Judge Torres of their unavailability for trial from April 1 to April 14, 2024. Thus, the trial is expected to commence on April 20, 2024.
Following Judge Analisa Torres’ July 13 ruling that programmatic sales of XRP to retail investors did not qualify as securities, the SEC has since submitted an appeal. The outcome of the high-stakes courtroom drama between Ripple and the SEC could be influenced by the court’s choice about whether to accept the appeal request.
Three Lawyers Abruptly Leave SEC’s Side
The SEC recently submitted a motion for the withdrawal of its lawyer, Pascale Guerrier, from the XRP case. Judge Torres granted the motion for Guerrier to exit, according to a court filing.
Meanwhile, two more SEC lawyers have filed separate motions to be dismissed from the suit. The Commission formally apprised the court about the departures of attorneys Richard Best and Robert MacDonald Moye.
Best is on extended medical leave and will no longer participate in the closely monitored XRP case. Judge Torres has already approved his withdrawal from the suit. The judge, however, has yet to allow the motion for the Moye’s departure.
Some spectators observed that the lawyers departing from SEC “don’t want their name tied to the wrong side of history.” Another member of the crypto community commented on the departures, positing:
SEC has lawyers quitting before the ship sinks completely
— XRPcryptowolf (@XRPcryptowolf) August 23, 2023
In the meantime, the XRP price has surged 0.78% over the last 24 hours amid a market-wide advance.
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