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Ripple to Meet With SEC in First Pretrial Conference on Feb. 22


The first pretrial conference in the U.S. #Securities and #Exchange #Commission’s lawsuit against #Ripple for the sale of XRP has been set for #Feb. 22, 2021.

#Ripple and the SEC will meet over video call, according to a court order from the US #District #Court of the #Southern #District of #New #York.

#In the order, #United #States #District #Judge #Analisa #Torres asks the parties to reply with a joint statement covering the case’s arguments and legal bases, potential motions and the likelihood of settlement.

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The pretrial conference would mark the beginning of the trial portion of the SEC’s lawsuit against #Ripple #Inc. for the sale of some $1.3 billion worth of XRP tokens. #This is the first time the regulator is taking a digital asset issuer with its own network to court, though it has sued many #Ethereum token issuers in the past.

#As with other instruments in its regulatory purview, the SEC views digital tokens under the lens of the #Howey #Test. The result of a 1946 court case, the #Howey #Test is a checklist used to judge whether or not an investment contract is a security under the #Securities #Act and #Securities #Exchange #Act of 1933 and 1934.

#Under the test, a security is offered if “a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.”

#Since the SEC first announced its suit, multiple popular exchanges have announced they are halting XRP trading. #Currently trading at $0.21, XRP is down 56 percent since the SEC first announced the lawsuit last week.



[ source link ]
https://www.coindesk.com/ripple-to-meet-with-sec-in-first-pretrial-conference-on-feb-22

##Ripple ##Meet #SEC ##Pretrial ##Conference ##Feb

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