The judge overseeing the civil case of the United States Securities and Exchange Commission (SEC) against Ripple Labs plans to schedule a jury trial starting in the second quarter of 2024.
In an Aug. 9 filing in U.S. District Court for the Southern District of New York, Judge Analisa Torres said the court would be moving forward with plans for a jury trial for Ripple, CEO Brad Garlinhouse, and co-founder Chris Larsen. The judge gave a deadline of Aug. 23 for prosecutors and defense lawyers to submit blackout dates for the trial, but aimed for a start date between April 1 and June 30, 2024.
Judge Torres was responsible for ruling that the XRP token was not a security in regards to programmatic sales on digital asset exchanges. The court decision was not a final determination in the SEC v. Ripple case and the blockchain firm, Garlinghouse, and Larsen may still be found liable for other allegations.
Coinbase, facing its own lawsuit from the SEC, cited Torres’ decision on XRP in a motion to dismiss on Aug. 4. A different judge overseeing the regulator’s case against Terraform Labs largely rejected the Ripple case ruling in a separate motion to dismiss on July 31.
The SEC filed its lawsuit against Ripple and the two executives in December 2020, prompting many exchanges to delist XRP — likely to avoid similar legal entanglements. However, in the wake of Torres’ ruling on July 13, many firms have already relisted the token or said they were exploring the possibility of doing so.
A number of high profile figures in the crypto space face civil or criminal charges in the United States. The SEC is currently pursuing civil cases against Coinbase and Binance, and both former FTX CEO Sam Bankman-Fried and former Celsius Network CEO Alex Mashinsky were arrested on criminal charges for allegedly defrauding customers.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.