SEC, Ripple Say No Settlement In Sight Over Token Sale Fight

Law360 (February 16, 2021, 10:02 PM EST) — The U.S. Securities and Exchange Commission and blockchain firm Ripple say the chances are currently low for a settlement of the federal agency’s closely watched enforcement action over Ripple’s prominent cryptocurrency.

The sides submitted a joint letter to a New York federal judge Monday disclosing the slim prospect of a settlement in the regulator’s suit, which alleges that the fintech startup’s $1.4 trillion sale of its signature digital token, XRP, constitutes an unregistered securities offering.

“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,” the…

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