Brad Garlinghouse and Chris Larsen File Motions to Dismiss SEC’s Lawsuit
AI Trading

Ripple, the San Francisco based cross-border payment firm, has on 15th February 2021 jointly filed a letter with the United States Securities and Exchange Commission (SEC) to the federal Judge Analisa Torres of the United States District Court for the Southern District of New York, which says there’s likely no prospect for settlement of the lawsuit at this time.

Howbeit, the letter indicates that there is still room for settlement. It also states that the only known settlement discussion was held with the previous administration.

Read Also: Lawyers Explain Reasons Why Ripple Should Settle Rather Than Head to Head with SEC in Court

The joint letter reads in part as follows:

AI Trading

“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’s Attempts for Settlement

It can be recalled that the chief executive officer of Ripple, Brad Garlinghouse, revealed in a series of tweets on 7th January 2021 that there were failed attempts to settle the lawsuit with the SEC.

Garlinghouse noted:

“I’m not going to litigate the SEC’s unproven allegations on Twitter, and as you can imagine, there are new considerations to what can / should be said publicly after the litigation process starts. However, I would like to address 5 key questions I’ve seen.

Why didn’t Ripple settle with the SEC? Can’t get into specifics, but know we tried – and will continue to try w/ the new administration – to resolve this in a way so the XRP community can continue innovating, consumers are protected and orderly markets are preserved.”

Read Also: United Kingdom Provides Regulatory Clarity for Digital Asset, Says XRP Is Not A Security

Since the emergence of the current administration, there have been predictions that it will be soft toward the cross-border payment firm. However, the nominated SEC’s chairman, Gary Gensler, has stated that there’s a strong case for the digital token XRP to be deemed as a security.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.