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Ripple and SEC Won’t Settle, Privilege An Issue

Washington DC, USA - October 12, 2018: United States Securities and Exchange Commission SEC architecture closeup with modern building sign and logo with red flags by glass windows

February 22, 2021

One thing both sides agree on in the matter of SEC v. Ripple; there is little chance of a pre-trial settlement. They explained that discussions have gone nowhere in a discovery letter addressed to Federal Judge Analisa Torres of the U.S. District Court for the Southern District of New York. The SEC alleges that Ripple, a blockchain payments firm, committed securities infractions. The SEC told the judge it wants to take five depositions more than the 10 normally allowed because Ripple had received two legal memos warning them that there was some risk that XRP, the company’s native digital asset, would be considered “investment contracts” and treated as securities under federal law. Ripple claims documents the SEC seeks fall under attorney-client privilege. The discovery period is now set to be complete by Aug. 16.

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