In an official correspondence directed to Analisa Torres of the United States District Court for the Southern District of New York, attorney Michael K. Kellogg affirmed Ripple’s willingness to participate in the trial during the stipulated period, highlighting their flexibility with no blackout dates.
This declaration comes in the wake of significant developments in the ongoing legal proceedings. Just a day before this communication, Ripple’s CEO Brad Garlinghouse bolstered his defense by enlisting the expertise of two distinguished attorneys from the prestigious Cleary Gottlieb Steen & Hamilton LLP. Michael A. Schulman and Caleb J. Robertson, both of whom are prominent legal figures, have expressed their commitment to representing Garlinghouse.
Nevertheless, the path ahead is likely to present challenges. The formidable regulatory body, the U.S. Securities and Exchange Commission (SEC), has taken steps to appeal a prior ruling issued by Judge Torres.
This move follows the court’s decision that sales of XRP coins on digital platforms did not meet the criteria for unregistered securities, thereby contradicting the SEC’s contentions.
The U.S. District Court for the Southern District of New York recently granted the SEC’s request for an interlocutory appeal. While the SEC has formally filed for the appeal, the court’s authorization is still pending. Both Ripple and the SEC are preparing for what could be a pivotal trial within the cryptocurrency realm.
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