In a significant development, US Magistrate Judge Sarah Netburn has ordered Ripple and the US Securities and Exchange Commission (SEC) to agree on a potential date for a settlement conference. This order comes after US District Court Judge Analisa Torres referred the next phase of the Ripple vs SEC court battle to Judge Netburn.
The referral to Judge Netburn follows last week’s decision by Judge Torres, which held that XRP, the cryptocurrency related to Ripple, is not a security. This ruling had a major impact on XRP and the broader crypto market, triggering a substantial rally.
According to court documents filed on July 17, Judge Netburn, who will oversee the General Pretrial, has recommended that the two parties agree on three suitable dates for a settlement conference. Given the court’s busy schedule, the recommended time is 6-8 weeks in advance.
The pretrial phase covers various aspects of a case, including scheduling, discovery, and non-dispositive pretrial motions. It is during this stage that the parties often consider settlement discussions. While there has been speculation that the SEC may be inclined to pursue a settlement with Ripple, it remains to be seen whether both sides will see this as a viable option.
The crypto industry is following closely the case of Ripple vs. The SEC, and Judge Torres’ assertion that XRP is not a security are seen as a partial win for Ripple. This outcome is seen as a potential turning point, as it could pave the way for much needed regulatory clarity in the cryptocurrency space.
Eleanor Terrett, a journalist for Fox Business, shared her views on Twitter, acknowledging the impact of Judge Torres’ decision and highlighting the industry’s anticipation of further developments in the case.
When the case of Ripple vs. As the SEC continues, the crypto community is eagerly awaiting updates on the potential settlement conference and the implications for Ripple and the wider regulatory landscape. The outcome of this high-profile case could have far-reaching consequences for the future of cryptocurrencies.