Today, February 22, 2021, is the scheduled date for the preliminary hearing between Ripple and the SEC.

The outcome of this case will undoubtedly have huge repercussions for the cryptocurrency industry, and may pave the way for how other cryptocurrencies are regulated in the USA and the world.

Currently, the Securities and Exchange Commission is suing Ripple for illegal sales of the digital currency XRP, as the authority believes that the cryptocurrency XRP should be considered a security and guarantee, thus placing Ripple and CEOs “Chris Larsen” and “Brad Garlinghouse” in violation of the laws of Money bills.

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Yesterday we published an article about Mary Jo White, the former chair of the Securities and Exchange Commission, who recently stated that the agency she was chairing is completely wrong about Ripple.

Mary Jo White, the former chair of the Securities and Exchange Commission, is an attorney for Ripple.

In an interview with Fortune, Mary expressed her thoughts on the Ripple issue, She said Meaning:

The Commission made the mistake of suing Ripple that XRP was an unregistered security.

The authority labels XRP sales as a violation of securities laws, but in fact XRP should be classified as a security.

There is no way to color the case.

They are legally and factually wrong.

“Mary White” also indicated that the timing of the SEC’s lawsuit against Ripple came at a very ill-considered time and may have been an indication that the complaint has no real substance.

Added:

The fact that the SEC chose to sue Ripple when the SEC’s top executives were leaving, surprised many.

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Besides the fact that the SEC has been investigating Ripple for years, it has been met with a lot of criticism from the crypto community.

As an American attorney and former chairman of the Securities and Exchange Commission, you know that when it takes a long time to figure out a case, you probably shouldn’t have to file it.

It’s not something I’ll do when I walk out the door.

Although Mary White has proven to be one of the most well-known securities attorneys in the United States and worked as a former US attorney for the Southern District of New York, in the sense that Mary White’s voice and opinion are heard.

However, her statements also come on the grounds that she is an attorney for Ripple, and what she says and says is part of her mission to defend Ripple.

Settlement between Ripple and the SEC:

The Securities and Exchange Commission and Ripple revealed last week that a settlement is highly unlikely at this time, which means that neither side is willing to support without fighting their best fight.

The SEC and Ripple will certainly need to give their best shots during their hearing with US District Judge Annalisa Torres.

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With a strong legal team on the side of Ripple, the Securities and Exchange Commission may need to step up its game and bypass the “Howey” test to provide facts on why XRP is considered a security.

Mary White and many ripple advocates argue that XRP is not a security, as is Ethereum.

The issue of Ripple and the digital currency XRP:

Several lawyers discussed the issue of XRP and the SEC.

Recently, attorney Jeremy Hogan analyzed the joint letter that the Securities and Exchange Commission and Ripple submitted to a district judge in preparation for today’s preliminary trial.

Hogan concluded that compared to Ripple’s arguments about XRP, the SEC’s position was weak and lacking in substance.

He noted that this was really a mistake on the part of the Committee, because first impressions were very important.

While many have sided with Ripple, others argue that the SEC was right, including Arca’s chief legal officer Phil Liu, who previously indicated that Ripple does not appear to have any consistent revenue streams outside of selling XRP.

Ripple’s impact on the crypto market:

There is no difference between the two that Ripple and the digital currency XRP have been around for a long time, and XRP is one of the oldest and most famous cryptocurrencies because it was ranked third for long periods of time.

Therefore, any negative repercussions in the case towards Ripple would also negatively affect the price of the currency and possibly the cryptocurrency market as a whole, as it means regulatory threats to many other projects such as Ripple.

But if the issue is going in favor of Ripple, the price of the digital currency XRP will also be affected and it will rise and it will also be a gain for the crypto market as a whole, as it will be the first step towards clarity of regulatory vision.

Case to follow…

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