Among the top 10 cryptocurrencies in the market, only the digital token XRP has remained unaffected by the huge bear that recently hit the market.
This stability has been attributed to Ripple’s preparation for its first pretrial conference on the lawsuit filed by the United States Securities and Exchange Commission (SEC). At the time of filing this report, XRP is trading at $0.5622, with a relatively 4% price increase in the last 24 hours.
On the other hand, Bitcoin (BTC) lost about $6,000 within a few hours. It’s currently down by 6% based on 24 hours estimation. Ethereum (ETH), the second-largest cryptocurrency by market cap, is also struggling with the same fate as Bitcoin, likewise other top digital currencies.
Ripple Is Set For Its First Pretrial Conference on the Lawsuit Filed By SEC
Ripple, the US-based cross-border payment firm, will have its first pretrial conference on the case filed by the SEC. It’s expected to take place virtually at 10:00 AM EST (5:00 PM UTC).
Both parties involved in the lawsuit are expected to be part of the virtual conference, where the major issues on the case will be outlined. Moreover, Judges could use the pretrial conference to advise both parties to resolve their disputes through settlement.
There is Likely No Prospect for Settlement
According to a joint letter filed by Ripple and the SEC on 15th February 2021 to the federal Judge Analisa Torres of the United States District Court for the Southern District of New York, there is likely no prospect for settlement of the lawsuit at this time.
However, the letter indicates that there is still room for settlement.
The joint letter reads in part as follows:
“Counsel for the parties have met and conferred and, having previously discussed settlement, do not believe there is a prospect for settlement at this time. However, the parties will promptly notify the Court if any settlement in principle is reached as to any Defendant.
“Defendants agree with the statement, but note that previous settlement discussions took place under a previous administration and were principally with relevant division directors who have since left the SEC.”
Meanwhile, former SEC’s Chair, Mary Jo White, has condemned the motive behind the SEC’s lawsuit against Ripple, stating that “There’s no way to sugarcoat it. They’re dead wrong legally and factually.”
She thinks the SEC supposed to be mindful of decisions it makes, so as not to hurt the investors it’s obligated to protect.