Ripple Legal Team Says They Have No Plans To Settle Lawsuit With SEC

Ripple’s legal team reportedly has no intentions of reaching a settlement in their lawsuit with the U.S. Securities and Exchange Commission (SEC).

Ripple is being sued by the SEC for allegedly selling XRP as an unregistered security beginning in 2013. The top US financial regulator also alleges that XRP remains an unregistered security to this day.

 

Fox Business correspondent Charles Gasparino tells his 114,000 followers on Twitter that the San Francisco-based payments company informed the media outlet that they didn’t plan on settling with the SEC – and that they can prove inconsistencies in the policies of SEC chair Gary Gensler.

However, crypto legal expert Jeremy Hogan, who has covered the lawsuit closely, notes that “legal teams NEVER say they want to settle” because that would be “a sign of weakness.”

Last month, Hogan said that while many XRP investors hope for a settlement sooner rather than later, the slow nature of the legal process means that the suit is likely to drag on at least until early 2022.

He noted that the case’s expert discovery phase doesn’t end until November, which means it could be hard for either party to negotiate a settlement if they still don’t know the extent of the other side’s case.

 

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