Ripple, SEC Say Settlement Unlikely Before Trial Over Alleged Securities Fraud

Ripple, SEC Say Settlement Unlikely Before Trial Over Alleged Securities Fraud


The U.S. Securities and Exchange Commission (SEC) and Ripple said Monday that there’s little chance of settlement ahead of the expected trial of the blockchain payments firm over alleged securities infractions.

In a discovery letter addressed to Federal Judge Analisa Torres at the U.S. District Court for the Southern District of New York, the parties said that having previously discussed the matter, they “do not believe there is a prospect for settlement at this time.” They further noted that previous settlement discussions took place under the Trump administration and were mainly conducted with division directors who have since left the SEC.

More widely, the letter addresses the discovery for the pending trial, with two parties agreeing (or not) the formal process of exchanging information about the witnesses and evidence they’ll be presenting.

In December, the SEC sued Ripple over alleged violations of federal securities laws. It said the company, CEO Brad Garlinghouse and Chairman Chris Larsen

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