What's the latest in XRP? What happens to the Ripple case?

 What's the latest in XRP? What happens to the Ripple case?

 In late December 2020, the US Securities and Exchange Commission (SEC) filed a securities lawsuit against blockchain giant Ripple. In the filed lawsuit, $ 1.3 billion in compensation was demanded, while it was also claimed that XRP was a security.
Ripple notes that the SEC is ignoring its function on XRP, and that the SEC alone has no right to decide this. In this direction, many citizens raise the question of when will the XRP case begin to appear. So when will the XRP case begin to appear?

 

The U.S. Southern New York District Court has set February 22, 2021, as the pre-trial date for the case between the U.S. Securities and Exchange Commission and Ripple Labs. According to the case document shared on Tuesday, the attorney representing all sides will hold a pre-hearing conference over the phone. As part of the pre-trial preparations, the parties to the case will submit a joint letter one week before the pre-trial date stating:

(1) a brief description of the case (s) and defense (s), including the actual and legal bases of the complaint,

(2) all designed motions, and

(3) the possibility of a deal. "The SEC recently said Ripple had violated the securities law by selling XRP tokens, and announced that it would complain to the blockchain company. Whether XRP is a security or a commodity both in and outside of the crypto industry A topic that has been discussed for a long time. After the lawsuit was heard, many exchanges decided to suspend XRP transactions. Investment companies like Bitwise Asset Management also chose to terminate their XRP investments by cashing in the wake of the SEC enforcement action.The XRP price also depreciated greatly and in December. depreciated more than 65 percent overall.

WHAT DOES THE XRP CASE MEAN?

The US Securities and Exchange Commission calls private companies cryptocurrencies "unregistered", emphasizing that cryptocurrencies should be registered with the US Securities and Exchange Commission. Although the US Securities and Exchange Commission has filed the case only against Ripple for now, we can say that other private companies will also get their share of this approach in the future. In this case, it is possible to say that Facebook, which has recently launched Libra, will be busy with SEC cases after antitrust cases.

XRP was the most sought-after cryptocurrency in the cryptocurrency exchange, after Bitcoin and Ethereum. The SEC, which accepts Bitcoin and ethereum as cryptocurrencies, stated that XRP is not a cryptocurrency. This positions XRP as an unrecorded security.