The date of the first Ripple court hearing has been set

Court of New York

The date of the first Ripple court hearing has been set

The Southern District Court of New York set the date for the first hearing of the US Securities and

Exchange Commission’s complaint against Ripple. According to the court ruling, the first hearing will be held on February 22, presided over by Judge Analisa Torres.

According to the Daily Hoodel, the meeting will be held remotely and by telephone. Such hearings, referred to as “pre-trial hearings,” help the trial judge gain a general understanding of the case and its circumstances and determine the timeframe required for the trial to proceed. It is possible that the judge will decide to hold another pre-trial hearing and then the main trial will begin.

The US Securities and Exchange Commission has accused Ripple of selling unregistered securities since 2013. Brad Garlinghouse, CEO of Ripple, and Chris Lars, co-founders of the company, are among others sued by the US Securities and Exchange Commission.

In part of the complaint of the US Securities and Exchange Commission, we read:

The Supreme Court has determined in Howey’s law whether or not it is an instrument and, consequently, a security is a dynamic matter and cannot be considered a fixed principle. If one accepts these, one must also satisfy the myriad variables and schemes created by those who seek to use the money of others with the promise of profit. XRP has been an investment contract for the duration of its offering, and therefore securities are the target of the legal requirements set forth in federal securities laws.

Ripple adds that the accusations are not true, adding:

XRP holders do not share Ripple Earnings and do not receive dividends. They also have no voting rights or other commercial rights.

Share this post

Leave a Reply

Your email address will not be published. Required fields are marked *