• rippleXRP$0.4306701.81%

Ripple and SEC Joint Letter Indicates Sides Far Apart in Settlement Talks – JD Supra

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Matt Stankiewicz, Managing Counsel at The Volkov Law Group, joins us for continued updates regarding the SEC enforcement action against Ripple.  On Monday, Ripple Labs, Inc.; Brad Garlinghouse, CEO; Christian Larsen, board chairman; and the U.S. Securities and Exchange Commission (“SEC”) filed a joint letter with Judge Analisa Torres in the Southern District of New York.  While this letter is a general pre-trial filing to keep the judge abreast as to what’s going on between the parties, it sheds light on their respective mindsets.  It also informs us, the captivated audience, of what to expect in the coming months. The biggest takeaway is that the sides are not anywhere near a settlement agreement at this point.  The parties note that they “do not believe there is a prospect for settlement at this time.”  That’s lawyer speak for ‘it ain’t happening.’  This is not too surprising given the proceedings are still at such an early stage.  It was always unlikely that the two would reach a settlement agreement so quickly.  I wouldn’t expect there to be much movement on settlement talks at least until each party issues a response to the complaint.  At this point, both sides are surely confident in their positions, and Ripple is pushing for “rapid discovery schedule” in order to bring a swift summary judgment motion.  Settlement discussions are unlikely to see much movement until the parties see how the judge responds to these motions.

As for the long-term outlook at a settlement, I won’t hold

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