while the Americans Securities and Exchange Commission (SEC) is pending Profession With the lawsuit against Ripple Labs, there is also a jury trial against Ripple CEO Brad Garlinghouse, as well as the CEO Chris Larsen.
What is a jury trial?
Widespread in America, a jury trial is a trial in which a random group of citizens, the jury, is selected to examine evidence and reach a verdict on specific facts in a case. This form of justice is designed to ensure that an accused is tried by an impartial group.
Jury trial expected in 2024
According to the SEC, Garlinghouse and Larsen are responsible for the illegal sale of securities to institutional investors. By selling XRP tokens to institutional investors, it would amount to hundreds of millions. The last detail is very important. Judge Analisa Torres ruled on July 13 that programmed selling is legal, meaning selling crypto via Exchangeand is not subject to the Securities Act. When selling to institutional parties, the judge’s judgment was not so clear.
An exact date for the jury trial has not yet been set. But in all likelihood, the litigation will take place sometime in the second quarter of 2024. Both parties, Ripple and the SEC, have until December 4 of this year to file motions with the judge to decide what evidence to include in the lawsuit.
The XRP price is disappointing
The XRP’s performance is still disappointing since the long-awaited (partial) victory. There has been speculation for months that a win could take XRP above the magical $1 mark. After the verdict, the digital coin was close and the XRP price briefly peaked at almost $0.94. The situation has since calmed down and the token is trading at $0.63.
