According to the filing, the New York Southern District Court will hold this pretrial telephonically. The SEC and Ripple have been asked to submit a joint letter by 15 February 2021 and address the following points:
“1) a brief description of the case, including the factual and legal bases for the claim(s) and defense(s), (2) any contemplated motions and (3) the prospect for settlement.”
The CEO of Ripple, Brad Garlinghouse, and former CEO and co-founder Chris Larsen were accused of selling unregistered securities and, in this case, the securities were XRP, as per the SEC. The duo has been accused of selling XRP for more than $1.3 billion over eight years.
Following the news of the SEC lawsuit against Ripple, XRP saw its value collapse by a minute. A few days back, its value was close to $0.30, and now it’s shrunk to as low as $0.17. However, there was a surge in the price of the digital asset, which puts its value above $0.20. At the time of writing, XRP was trading at $0.2140, with a market cap of $9.69 billion, a huge fall.
Several exchanges, such as Coinbase and Bittrex, have deleted XRP and more popular exchanges, such as Binance, may have to follow suit in order to comply with the regulations.
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