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The SEC lawsuit against Ripple will hold a virtual pre-trial meeting in February



The U.S. District Court for the Southern District of New York has set February 22, 2021 as the date for the U.S. Securities and Exchange Commission to file a lawsuit against Ripple Labs and its main actors.

According to court documents filed on Tuesday, lawyers representing all parties will hold a telephone pretrial conference. As part of the pre-trial preparations, the parties to the case will submit a joint letter one week before the pre-trial date with the following content:

“(1) A brief description of the case, including the facts and legal basis of the claim and defense, (2) any proposed motions, and (3) the prospects for settlement.”

In early December, the SEC filed a lawsuit against Ripple, accusing the blockchain company of selling XRP tokens in violation of securities laws. The legal status of XRP as a commodity or security has long been the subject of controversy inside and outside the crypto space.

Some cryptocurrency exchanges responded to the lawsuit by suspending XRP trading or delisting the tokens from their platforms. After the US Securities and Exchange Commission (SEC) took action, investment companies such as Bitwise Asset Management also liquidated their XRP holdings.

As previously reported by Cointelegraph, Ripple̵

7;s partner MoneyGram kept a distance from the company, claiming that it did not use RippleNet. XRP prices have also fallen sharply, falling by more than 65% in December.

In a statement released earlier this week, Ripple accused the SEC of harming XRP token holders. Ripple also announced its intention to respond to the commission’s claims against the company.