<p>An initial pretrial conference in the U.S. Securities and Exchange Commission (<a href="https://www.theblockcrypto.com/linked/24309/new-sec-guidance-makes-it-harder-for-us-equity-exchanges-to-raise-fees-on-market-data">SEC</a>) vs. Ripple case has been set for February 22, 2021.</p> <p>The New York Southern District Court <a href="https://www.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.7.0_1.pdf">will hold the conference</a>, and Judge Analisa Torres has directed both the parties to attend it telephonically, in light of the COVID-19 pandemic.</p> <p>The SEC and Ripple have also been directed to submit a joint letter by February 15, containing: "1) a brief description of the case, including the factual and legal bases for the claim(s) and defense(s), (2) any contemplated motions and (3) the prospect for settlement."</p> <p>The SEC <a href="https://www.theblockcrypto.com/linked/88912/sec-ripple-labs-lawsuit-filed-2">sued</a> Ripple and two of its executives on December 22, alleging that CEO Brad Garlinghouse and co-founder Chris Larsen have raised more than $1.3 billion via an ongoing, unregistered securities sale of XRP. The SEC views XRP as a security.</p> <p>According to Ripple, the SEC's lawsuit <a href="https://www.theblockcrypto.com/linked/89560/ripple-response-sec-lawsuit-xrp">has already harmed</a> "countless innocent XRP retail holders with no connection to Ripple." The company said the charges have "needlessly muddied" the regulatory environment for the whole crypto industry.</p> <p>Since the lawsuit, various <a href="https://www.theblockcrypto.com/linked/89469/coinbase-suspend-ripple-xrp-trading-january">crypto exchanges,</a> <a href="https://www.theblockcrypto.com/linked/89303/b2c2-xrp-trading-halt-us-counterparties">market makers</a>, and <a href="https://www.theblockcrypto.com/linked/89354/crypto-asset-manager-21shares-removes-xrp-from-etp-products-ripple">asset managers</a> have suspended activities connected with XRP.</p>