HomeNewsBitcoin Halving Leads to Ripple CEO and Chairman's Court Unavailability, Causing Lengthy...

Bitcoin Halving Leads to Ripple CEO and Chairman’s Court Unavailability, Causing Lengthy Postponement in XRP Case

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  • Ripple’s Brad Garlinghouse and Chris Larsen announce their unavailability in court from April 1 to April 14, 2024.
  • The timeframe aligns with the anticipated Bitcoin halving event.

Ripple’s Strategic Court Pause Amid Crypto Speculation

Ripple’s leading figures, CEO Brad Garlinghouse and executive chairman Chris Larsen, have strategically alerted the court about their non-participation during the initial two weeks of April. While the notification is in adherence to a prior court request for pretrial dates, the chosen timeframe intriguingly aligns with the Bitcoin halving.

The Underlying Connotations of Bitcoin Halving

Bitcoin halving, for those uninitiated, is a significant event in the cryptocurrency world where Bitcoin’s reward for miners is cut in half. The forthcoming halving, which the Bitcoin Halving Countdown pegs at April 14, 2024, will witness the mining reward decrease to 3.125 BTC. This event typically ignites a surge in cryptocurrency prices.

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It’s plausible that the duo anticipates a notable upswing in XRP’s price close to the Bitcoin halving, given the historically observed market patterns. At present, XRP trades at $0.51, reflecting a minor 0.5% hike in a day, but a more pronounced weekly drop of 13%. The trading volume has dwindled by 11% over the past day. A notable trigger for this slump could be Judge Torres’ green light to the interlocutory appeal initiated by the US SEC.

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Adding to the legal web, attorneys Caleb J. Robertson and Michael A. Schulman have entered the fray, representing Ripple’s CEO in the ongoing Ripple vs SEC lawsuit.

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Yet, this isn’t the only shift in the legal landscape concerning Ripple. Alyssa M. Hasbrouck, previously a managing associate at the prestigious law firm Sidley Austin LLP, has formally rescinded her role as counsel for the Investment Banker Declarant. This decision comes as she exits her professional tenure at Sidley Austin. Meanwhile, Andrew A. Kunsak, from the same law firm, has secured court approval to appear as an investment banker declarant in the US SEC’s case against Ripple Labs.

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