Date For Ripple’s Pretrial Has Been Set

Ripple has been steadily falling, with multiple crypto exchange networks poised to delist XRP due to the SEC announcing that they are taking Ripple Labs to court, claiming that they are trading unlicensed securities in the form of XRP.

Although Bitcoin and Ethereum are not considered securities by regulatory bodies, the same seems to not be true for XRP.

Now a date has been set for the pretrial – which will be held virtually – before the official trial is held.

Ripple’s Future Is On The Rocks

Following massive sell-offs of the cryptocurrency that has prompted anxiety even among the most die-hard HODLers, the value of XRP has fallen by 65%, according to some crypto trading websites – although at the time this article was written, the cryptocurrency seems to be recovering slightly.

A surprising turn of events is that RippleLabs purported partner MoneyGram has also distanced themselves from the debacle.

According to a press statement issued by the company, MoneyGram is prepared to go on solo, despite the fact that RippleLabs is a major shareholder.

“As a reminder, MoneyGram does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise. Furthermore, MoneyGram is not a party to the SEC action. MoneyGram has continued to utilize its other traditional FX trading counterparties throughout the term of the agreement with Ripple, and is not dependent on the Ripple platform to accomplish its FX trading needs.”

A court document issued on the 29^th of December has set the date of the pretrial – which will be held on the 22^nd of February 2021. It will take the form of a teleconference, and all parties will submit a joint letter a week earlier – which should lay out the details being judged.

“(1) a brief description of the case, including the factual and legal basis for the claim(s) and defense(s), (2) any contemplated motions, and (3) the prospect for settlement.”

Whether you are a fan or a detractor of XRP, the trial is important – as it will set an important precedent for cryptocurrencies.