A 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 advocates of the parties have met and consulted, and having discussed the agreement earlier, don’t believe 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 attempts to resolve the charges have failed.
In addition to this, it has been revealed that Ripple will be hanging on to an indefinite aspiration that the administration of Joe Biden is going to be comparatively more merciful toward the company.
Gary Gensler, the Chairman of SEC, who was 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, both parties involved were asked to consent to a magistrate judge 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.