A judge in the Southern District of New York will hold preliminary hearings in the Securities and Exchange Commission’s case against fintech company Ripple on February 22, 2021.
The order states that the hearing will be conducted by conference call. By February 15, both sides must file the factual and legal bases for the suit, as well as proposals for its resolution.
gov.uscourts.nysd.551082.7.0_1 by ForkLog on Scribd
According to the SEC, the California-based company has for seven years sold unregistered securities in the form of XRP tokens to retail investors. The defendants also include CEO Brad Garlinghouse and co-founder Chris Larsen.
Earlier, Ripple’s CEO described the agency’s suit as a horrendous precedent for the cryptocurrency industry and organisations dealing with digital assets. He said the company has always worked in partnership with regulators.
Ripple has said it will defend its position in court and provide a detailed response to the allegations in the near future.
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