The New York Court sets the date for the first judicial hearing between Ripple and the “SEC”
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Answer The New York Court sets the date for the first judicial hearing between Ripple and the “SEC”
The Southern District Court in New York decided that February 22, at 10 am, will be the date of the first hearing between Ripple and the US Securities and Exchange Commission (SEC).
in Tabuk Submitted to court, Judge Annalisa Torres has set a preliminary pretrial conference for the case between the US Securities and Exchange Commission and Ripple, the XRP-linked company that is suing the SEC for violations of securities laws.
Judge Torres ordered that the parties’ lawyers contact him.
The US Securities and Exchange Commission alleged last week that Ripple, co-founder Chris Larsen and CEO Brad Garlinghouse have raised $1.3 billion in sales of unregistered securities since 2013.
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While the defendants denied these allegations, arguing that the digital currency XRP is not and that it is a cryptocurrency and not a security.
The Securities and Exchange Commission (SEC) has taken the Ripple case to court for settlement.
The case depends on whether the SEC can prove that Ripple marketed XRP as an investment and played an active role in its success.
The New York judge directed all parties to submit a joint letter a week before the conference, on February 15.
The letter should describe the case, its allegations and defense, any anticipated proposals, and possible settlement.
The implications of the case are manifold.
The dispute over whether or not the digital currency XRP is a security has caused many US exchanges to avoid the legal battle and many of them have stopped trading the digital currency XRP, and some are planning to do so at the beginning of next January.
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The issue, although its outcomes are not clear, negatively affected the performance of the digital currency XRP, which collapsed from $0.6 to $0.2.
Read also:
Ripple: The Securities and Exchange Commission (SEC) has hurt XRP investors
The digital currency XRP drops to a new record not set since July 2020
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