With news that a federal court has set a trial date for the remaining arguments in the lawsuit with Ripple Labs, the U.S. Securities and Exchange Commission (SEC) has lost three lawyers from its legal team.
Popular Fox Business reporter Eleanor Terrett mentioned an update in the SEC’s investigation against Ripple in a recent X post.
According to Terrett, the SEC sent an essential file to Judge Analisa Torres of the United States District Court for the Southern District of New York, which revealed a potential trial schedule in the second quarter of 2024. With the exception of April 15-19, May 1-7, and May 27-31, 2024, the regulatory body will be accessible for XRP trial processes in April, May, and June.
After Judge Analisa Torres ruled on July 13 that XRP sold under a program to ordinary investors did not constitute securities, the SEC filed an appeal. Whether or whether the court grants Ripple’s motion to appeal might have a significant impact on the high-stakes courtroom drama between the company and the SEC.
A petition to have the SEC’s lawyer, Pascale Guerrier, recuse herself from the XRP case was filed yesterday. A court document states that Judge Torres approved Guerrier’s request to be dismissed.
Two more SEC attorneys have also filed applications to be removed from the case. Attorneys Richard Best and Robert MacDonald Moye have left the case, and the Commission has officially informed the court of their departure. Due to his health, Best has taken an indefinite leave of absence from the keenly watched XRP case.
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