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SEC V. Ripple: pretrial conference confirmed and complaints launched by XRP community

TL;DR Breakdown

SEC V. Ripple Pretrial Conference set for 22nd February 2021
XRP community filing complaints to the SEC for negligence and losses

The SEC V. Ripple pretrial conference with Judge Torres has been set to be held telephonically on the 22nd of February 2021, as confirmed by Pacermonitor.

SEC V. Ripple pretrial conference set for February

This pretrial conference will gather all the facts from either party over a period of time set by Judge Torres. After the completion of the pretrial, if the case is deemed set to go to trial, the case will likely be realized in late 2021 beyond September.

The case will not be decided on this date. Discovery is the process by which parties learn basically everything they can about the other side's facts. They get to request documents and take depositions (interviews). Learn about all fact witnesses and any documents, etc etc (2/5)
— Jesse Hynes (@jesse_hynes) December 29, 2020

More information can be found on Jesse Hynes’ Twitter profile

XRP community launch complaints against the SEC

Members from the XRP community have come together in support to launch multiple complaints and petitions against the SEC.

In a Tweet by Kevin Bledsoe, he confirmed the filing of a complaint to the SEC. While traction appears for a class-action lawsuit, Flare Fusion responded to this tweet with support; highlighting the relevant legal Act applicable to the complaint.

https://twitter.com/fusion_FLR/status/1342160601506836480

SEC V. Ripple set to create crypto precedent for years to come

As the result of the SEC announcement followed by Bitstamp and Coinbase publicizing their suspension of XRP; XRP holders have lost asset value worth billions of dollars.

The response from holders has been based mainly on Twitter but now traverses legal pathways.

Flare Fusion created a petition today to request that the federal government deem XRP a currency. Doing so would categorically declare that XRP is not a security; one aspect the SEC V. Ripple case seeks to determine.

https://twitter.com/fusion_FLR/status/1344140274767953922

The petition can be found on Flare Fusion’s Twitter page

Brad Garlinghouse, the Ripple CEO, has mostly remained silent over this holiday period, but disclosed this Tweet statement on the 24th December 2020:

A very important reminder!
Thus far the world has heard the SEC’s version of reality. The legal process will unfold from here and the world will have a much more robust and complete picture of the facts soon.

As the world sits and awaits the outcome of the SEC V. Ripple case, XRP stocks have been steadily recovering.

At the time of writing, XRP is currently valued $0.226 – up from the $0.173 plummet following Coinbase’s XRP suspension announcement on the 28th of December 2020.

Joshua O'Sullivan

Joshua has been a professional writer, editor and proofreader for close to a decade. He has created books, resuscitated multiple patients and managed to survive multiple life threatening experiences. With these experiences, he is always willing to strive to the challenge of any opportunity presented.