• Pro-crypto lawyer Fred Rispoli has outlined six reasons why Ripple’s Brad Garlinghouse and Chris Larsen trial may not take place.
• Reasons include the SEC’s tight schedule, weak evidence, witness challenge, proving recklessness concerning XRP sales, reorganization of the SEC trial team and the Judge’s decision to reject an interlocutory appeal.
• The recent ruling by Judge Analisa Torres awarded a partial victory to Ripple Labs in their case against the US Securities and Exchange Commission on the security status of XRP.
Ripple vs. SEC: What is at Stake?
The US Securities and Exchange Commission (SEC) has charged Ripple Labs executives Brad Garlinghouse and Chris Larsen with breaching Section 5 of the Securities Act of 1933. The blockchain company is alleged to have sold unregistered securities without prior registration to investors domestically and abroad. Recently, it was reported that trials for these two executives are scheduled for the second quarter of 2024.
Why the Trials May Not Take Place?
Pro-crypto lawyer Fred Rispoli stated six main reasons why Ripple’s Brad Garlinghouse and Chris Larsen trial may not come off. He believes that this could be a pressure strategy from the regulator to force them into a weak settlement position due to weak evidence provided by domestic vs international sales, witness challenge concerning Hinman and Clayton’s role in Trump administration, proving recklessness concerning institutional sale of XRP, reorganization of SEC trial team which indicates lack of readiness for trial or Judge’s decision to reject motion for interlocutory appeal which leaves SEC with no bargaining chips.
Recent Ruling Favors Ripple Labs
Judge Analisa Torres recently awarded a partial victory to Ripple Labs in their case against the US Securities and Exchange Commission on the security status of XRP. She stated that they did not violate any securities laws while programmatic sales are acceptable according to her ruling.
Insights from Crypto Lawyer
Renowned crypto lawyer Fred Rispoli shared his insights about why he believes that this case might remain elusive until it comes up for hearing in 2024 or later depending on how long it takes for all other cases being handled by SEC right now gets resolved first before they can focus on this one again . He further argued that if all parties involved fail to reach an agreement before then then wecould see a full legal battle between both parties as each side tries their best with what they have got at hand in order to prove their side right over another .
So far there is no definite answer as whether or not this case will be settled out of court or go all way up till its hearing date set sometime in 2024 , but it looks like we will have get our answers soon enough once all other cases being handled by SEC gets resolved first .