Alex Dovbnya

A joint letter submitted by Ripple and the SEC has cooled the prospect of a quick settlement

The Securities and Exchange Commission (SEC) and Ripple have filed a joint letter to federal judge Analisa Torres of the US District Court for the Southern District of New York, which says that there’s no prospect for settlement “at this time”:

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.

The letter, however, mentions that the settlement talks were only held with the SEC’s division directors who have already left the agency: 

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.

In early January, Ripple CEO Brad Garlinghouse revealed that their attempts to settle the SEC’s charges fell through.                

Read Also:   Bank of America: Bitcoin Bull Run Is the 'Mother of All Bubbles'

Ripple continues to hang on to a vague hope that the Biden administration will be more lenient toward the embattled blockchain company.  
 
That said, Gary Gensler—who was nominated as the SEC chairman by President Joe Biden in January—explicitly stated that there was a “strong case” for XRP to be viewed as a security.

The case will drag on at least until August

The SEC took Ripple to court in late December over unregistered sales of the XRP cryptocurrency, going after its biggest target within the cryptocurrency industry yet.

As reported by U.Today, Judge Torres asked the parties to consent to a magistrate judge on Dec. 29, which was a standard legal procedure. The SEC and Ripple have expectedly refused to expedite the trial.

Read Also:   Hackers Stole $3.8 Billion in Cryptocurrency Hacks in 2020

The case will be over no earlier than Aug. 16, the day all discovery is supposed to be completed.

A pretrial conference has been scheduled for February 22.




Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link


Ripple and SEC Don't Believe There's Prospect for Settlement at This Time

by Alex Dovbnya
Choose A Format
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format