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U.S. SEC’s lawsuit against Ripple, the First Pretrial Conference to take place on February 22

U.S. SEC's lawsuit against Ripple, the First Pretrial Conference to take place on February 22

According to the reports, the New York Southern District Court has established its first court date for the U.S. SEC’s case against Ripple. All parties are directed to arrive for an original pretrial conference with Judge Analisa Torres on February 22nd. For the uninformed, Ripple Labs, Brad Garlinghouse (CEO) and Chris Larsen (former CEO and co-founder) have been indicted of trading “unregistered securities” (XRP) for eight years and gaining over $1 billion on them.

The Southern District Court in NY will lead the conference. It will take place via telephone as ordered by the judge. The decision owes to the prevailing spread of the coronavirus and precautionary measures linked to it. Besides, both Ripple and the U.S. SEC are expected to file a brief description of the case by Feb. 15. It will involve the factual and legal bases for the allegations and defenses, any submitted motions, and settlement possibilities. The pretrial conference on February 22 is usually held to help the court organize a case and set a schedule for managing pretrial activities. Moreover, a tentative trial date may already be set through the call.

Various exchanges suspend Ripple’s XRP trading.

However, yesterday Ripple issued a new post in which it addressed the recent activities of market participants. Recently, various exchanges and crypto investment funds have declared to terminate or halt the trading of XRP. Moreover, the latter constitutes Galaxy Digital, Jump Trading, Bitwise, Sarson Funds, and others. On the exchange front, the most significant ones involve Bitstamp, Coinbase,, OKCoin, Coinmama, and Bittrex.

Ripple states that it is not surprising that some market participants are reacting conservatively. It further states that people have only perceived the story from U.S. SEC’s side. Additionally, it states that Ripple will file its response in a few weeks against the false allegation. As Ripple also reinforces, the claim is not just about Ripple; it’s an intrusion on the entire crypto industry in the U.S. Further, Ripple confirmed that it would serve its products to the consumers in the U.S. and globally. However, the majority of its consumers do not belong to the U.S. landscape.  

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