February 22, 2021, was set as the first hearing date in the Ripple case with the US Securities and Exchange Commission (SEC).

 

The case will be made via teleconference

The Southern District Court of New York will hold the session, and Judge Analisa Torres directed both parties to attend via teleconference in light of the COVID-19 outbreak.

The SEC and Ripple were also directed to send a joint letter by February 15 that included: “1) a brief description of the case, including the actual and legal grounds for the allegations and defenses, (2) any suggestions considered, and (3) resolution possibility of.”

The SEC sued Ripple on December 22 and claimed that the company’s CEO Brad Garlinghouse and co-founder Chris Larsen had raised more than $ 1.3 billion through the ongoing, unregistered sale of XRP securities. SEC sees XRP as a security.

According to Ripple, the SEC’s case has harmed “numerous innocent XRP retailers who are not affiliated with Ripple. He said the charges “unnecessarily blur” the regulatory environment for the entire crypto industry.

Since the lawsuit, various crypto exchanges, market makers and asset managers have suspended their XRP-related activities.

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