First Pretrial Conference for Ripple and SEC to Take Place on February 22

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Wed, 12/30/2020 - 08:54
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Yuri Molchan
New details of the Ripple lawsuit initiated by the SEC have emerged: the date for the first pretrial meeting has been set
First Pretrial Conference for Ripple and SEC to Take Place on February 22
Cover image via stock.adobe.com

Legal representatives of Ripple fintech giant and U.S. securities regulator, the SEC, will be present at the first pretrial conference on the SEC-initiated legal case against Ripple and its former and current CEOs on Feb. 22, 2021.

The conference will be convened by the Southern District Court in New York City. It will take place via telephone as ordered by the judge, due to the current spread of the coronavirus and preventive measures related to it.

Related XRP Recovers 15 Percent as Ripple Says It’s Ready to Work with SEC's New Leadership
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XRP Recovers 15 Percent as Ripple Says It’s Ready to Work with SEC's New Leadership

Both sides of the legal case will also have to file a joint letter by Feb. 15. The document will contain a brief description of the legal case with a layout of the factual and legal reasons behind it.

Ripple Labs, Brad Garlinghouse (CEO) and Chris Larsen (former CEO and cofounder) have been accused of selling "unregistered securities" (XRP) for eight years and making over $1 billion on them.

XRP
Image via courtlistener

Several exchanges have announced they are going to seize XRP, including two major players - Coinbase and Bittrex. The community expects that Binance may do the same in the near future.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.