In order to determine whether #Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen are accountable for selling illicit securities to institutional investors who purchased #XRP for hundreds of millions of dollars, Judge Analisa Torres ordered a jury trial last month.
Dates for the jury trial in the Securities and Exchange Commission's action against Ripple Labs are starting to be determined.
According to a pretrial scheduling order issued by Judge Analisa Torres on Tuesday, the court intends to schedule a jury trial for the second quarter of 2019 in the Southern District of New York.
According to Cornell Law School, the SEC and Ripple have until December 4 of this year to make motions in limine, or pretrial motions, asking that particular material be excluded so that it won't be presented at trial. Also, they must report any dates on which they won't be available by August 23.
In order to determine whether Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen are accountable for selling illicit securities to institutional investors who purchased $XRP for hundreds of millions of dollars, Torres ordered a jury trial last month.
According to a decision made by Torres last month, some of Ripple's XRP sales did not break the securities rules because there was a blind bid mechanism in place for them, meaning that buyers were unaware that the purchases benefited Ripple. Additionally, she determined that additional token direct sales to institutional investors were securities.
Since 2020, when the SEC accused Ripple of raising $1.3 billion through the sale of XRP, which it claims is an unregistered security, and also filed charges against Garlinghouse and Larsen, the two parties have been engaged in a judicial battle.
