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SEC lawsuit in opposition to Ripple set for digital pretrial convention in February

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The United States District Court for the southern borough of New York has set February 22, 2021 as the date for consideration of the lawsuit filed by the Securities and Exchange Commission against Ripple Labs and its key players.

According to a court document filed Tuesday, a lawyer representing all parties on the matter will hold a pre-conference call. As part of the preparations for the preliminary hearing, the parties will submit a joint letter a week before the hearing, which will address:

“(1) a brief description of the case, including the factual and legal basis for the claim (s) and defense (s), (2) any claims under consideration, and (3) the prospect of settlement.”

In early December, the SEC filed a lawsuit against Ripple, accusing the blockchain firm of selling XRP tokens in violation of the Securities Act. The legal status of XRP as a commodity or security has long been the subject of debate both inside and outside the crypto space.

Several cryptocurrency exchanges have responded to the lawsuit by either suspending XRP trading or removing the token from their platforms. Securities firms such as Bitwise Asset Management have also liquidated their XRP holdings as part of the SEC’s enforcement action.

As previously reported by Cointelegraph, Ripple partner MoneyGram distanced itself from the company and claimed that it does not use RippleNet. The XRP price has also dropped significantly, falling over 65% in December.

In a statement released earlier this week, Ripple accused the SEC of causing harm to XRP token holders. Ripple also stated its intention to respond to the Commission’s demands against the company.

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