Ripple officials close to finalizing settlement with SEC

James K. Filan, a former U.S. federal prosecutor, said that the Securities and Exchange Commission (SEC) has filed an amended remedy (a process in which plaintiffs and defendants propose a desired resolution along with legal arguments to support their pre-judgment claims) and exhibits in the Ripple (XRP) lawsuit. Commenting on the filing, Ripple Chief Legal Officer Stuart Alderotti said: “The SEC has failed to follow the law and is only interested in pulling the wool over the judge's eyes. The good news is that we are closer than ever to finalizing this case.”

Meanwhile, as U.S. Democratic Representative Maxine Waters said at a hearing of the House Financial Services Capital Markets Subcommittee on Financial Services, “The cryptocurrency industry claims to want regulation, but they don't accept enforcement actions by the Securities and Exchange Commission (SEC) and would rather sue the SEC. But the SEC's enforcement actions have been appropriate. Democrats will continue to pressure the market for compliance and investor protection.”