The change of custody at the US Securities and Exchange Commission appears to have impacted any possible settlement in the SEC v Ripple case.
The discovery was part of a joint letter delivered Monday to Judge Annalice Torres at the US District Court for the Southern District of New York.
The letter commented on the prospects for the settlement:
“Advice was given to the parties and provided, and after the agreements were discussed earlier, she does not believe there is any prospect for a settlement at this time. However, the parties will immediately inform the court if a preliminary decision is reached by either of the accused.”
In addition to questions about a possible settlement, the letter also included an agreement between the two parties to end the opening process no later than August 16, 2021.
The discovery letter also included the Securities and Exchange Commission’s plans to apply for an expanded dump that exceeds ten mandated by federal law. According to the letter, the committee is interested in two notes received by Ripple and co-founder Chris Larsen, which allegedly contain warnings that XRP could be considered an investment contract.
As Cointelegraph previously reported, the release will kick off with a virtual pre-conference scheduled for February 22nd.
Back in December, the Securities and Exchange Commission (SEC) sued Ripple for violating securities regulations when selling XRP tokens. This action has resulted in several U.S. cryptocurrency exchanges canceling or suspending XRP token trading on their platforms.
Investment firms also sold their XRP assets following an action by SEC law enforcement. Meanwhile, Ripple has spent $ 690,000, the largest amount of any American crypto-firm that has put pressure on the country until 2020.
Ripple’s legal troubles are not limited to the Securities and Exchange Commission as the company is also the subject of multiple class action lawsuits from aggrieved investors who accuse the company of violating the Securities Act.