The Ripple issue and the SEC are ongoing with no settlement potential at this time
The Securities and Exchange Commission (SEC) and Ripple Corporation have jointly submitted a letter to Federal Judge Annalisa Torres of the US District Court for the Southern District of New York stating that there is no possibility of a settlement at least at this time.
The attorneys of the two parties met and, having previously discussed the settlement, do not believe there is a possibility of a settlement at this time.
However, the parties will notify the court immediately if a settlement is reached in principle with respect to any defendant.
The letter indicates that the settlement talks were only held with SEC department managers who have already left the organization. The content of the speech was as follows:
The defendants agree with the statement, but note that prior settlement discussions took place under a previous administration and were primarily with division directors who have left the SEC since then.
In early January, Ripple Chief Executive Brad Garlinghouse revealed that attempts to settle the SEC's fees had failed.
Ripple continues to cling to the vague hope that the Biden administration will be more lenient towards it.
Whereas, Gary Gensler, nominated by President Joe Biden for the position of Chairman of the Securities and Exchange Commission in January, stated that there is a strong case for viewing XRP as a security.
The Ripple case and the SEC may continue until at least August:
The Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in late December over its unregistered sale of XRP cryptocurrencies.
Judge Torres asked the parties to agree to what was approved by the Magistrate’s Judge on December 29, which is a standard legal process.
The SEC and Ripple had been expected to refuse to speed up the trial, which is what happened.
Accordingly, the case will not end until August 16, 2021, the day when all procedures are supposed to be completed and all facts are evident.
For your information, the date of the pre-trial conference has been set for February 22nd.