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Ripple And S.E.C. Attempt On Resolution – Is There Hope?

joint letter has been filed to Analisa Torres, the Federal Judge of the United States District Court for the Southern District of New York City by Ripple and the SEC.

It states that the parties’ advocates have met and consulted, and having presented the agreement earlier, they don’t consider that there is hope for resolution at present.

“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.”

Ripple and SEC Attempt to Settle the Charges

Brad Garlinghouse, the chief executive officer of Ripple, announced in January that all of their efforts to resolve the charges have failed. 

In supplement to this, it has been reported that Ripple will be hanging on to a faint hope that the Biden administration is going to be relatively more merciful toward the company.

Gary Gensler, the Chairman of SEC, appointed by President Joe Biden in January, has especially stated that there was a well-built case for Ripple to be seen as a security.

The Case Will be Continued

It was December when Ripple was taken to Court by SEC over the unreported sales of the cryptocurrency. This case was marked to be the biggest target of SEC in this industry till now. 

On December 29, The magistrate judge asked both parties to consent according to a standard legal procedure. However, both Ripple and SEC have anticipatedly rejected to accelerate the trial. Hence, the case is going to be stretched till August 16.

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