Ripple and United States Securities and Exchange Commission seemingly do not want to settle the much-hyped SEC lawsuit that has been ruling the news circuits for quite some time now.
The two involved parties have said that there is no possibility for pretrial settlement for the case.
No Pretrial Settlement in Sec-Ripple Lawsuit
The joint discovery letter filed with the judge Analisa Torres of the US District Court of New York revealed that the prospects of the pretrial settlement are not bright. The letter said that “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 United States Securities and Exchange Commission filed a lawsuit against Ripple Inc for allegedly selling unregistered securities in the United States. Over the last few months, Ripple had suffered a massive loss in valuation as leading exchanges in the US delisted the Ripple token XRP and stopped the crypto token deposits and withdrawals. Binance US, Coinbase and many other leading exchanges had stopped XRP transactions on their platform. Grayscale also liquidated its XRP Fund considering the controversy surrounding the SEC lawsuit. Recently, Ripple responded to the SEC lawsuit and also called out SEC for not defending the rights of investors by accusing XRP. Ripple Inc was adamant in its stance that XRP is an open-source cryptocurrency and not Security while SEC claimed that XRP is a security and come under its regulation in the United States. While with the change of the leadership in the US SEC, it was assumed that there could be some possibilities for pretrial settlement.
The letter details the issues in the settlement along with the agreements for the conclusion of the underlying ‘discovery process” before August 16th. The discovery letter filed with the Judge, detailed that SEC is interested in learning about the memos given to Ripple and Chris Larsen, which had warnings that XRP can be considered as a security.
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