In a significant development for the Ripple vs. SEC court battle, US Magistrate Judge Sarah Netburn has issued an order directing both Ripple and the US Securities and Exchange Commission (SEC) to agree on possible dates for a settlement conference.
The order comes after Judge Analisa Torres of the US District Court for the Southern District of New York referred the case to Judge Netburn for the next phase.
According to a court document filed on July 17, Judge Netburn has recommended that the parties reach an agreement on the settlement conference dates 6-8 weeks beforehand.
The court’s busy schedule necessitates this early planning. The parties are required to select three mutually convenient dates for the conference.
The General Pretrial phase, now under Judge Netburn’s jurisdiction, involves matters related to scheduling, discovery, and non-dispositive pretrial motions.
It is a crucial stage where parties often consider the option of settling. While the expectation is that the SEC might prefer a settlement, the upcoming days will shed light on whether either side sees this as a viable path to resolution.
Eleanor Terrett, a journalist from Fox Business, shared her outlook on Twitter, highlighting the potential significance of a settlement in the case.
In the previous week, Judge Torres made a significant ruling, declaring XRP not a security. This ruling sparked a massive rally for the token and the broader crypto market.
Although the outcome of the entire case remains uncertain, the crypto industry sees Ripple’s partial victory as a milestone that could pave the way for much-needed regulatory clarity.