US Judge Sarah Netburn has issued an order for Ripple and the US Securities and Exchange Commission (SEC) to establish potential dates for a settlement conference, marking the latest development in the ongoing legal battle between the two parties.
This directive follows the referral of the Ripple vs. SEC case’s next phase by Judge Analisa Torres of the US District Court for the Southern District of New York to Judge Netburn. A court document filed on July 17 reveals that Judge Netburn, who will now oversee the General Pretrial, advises the parties to reach an agreement 6-8 weeks prior to the conference due to the court’s busy schedule. The judge’s order specifies that the parties should mutually determine three convenient dates.
The General Pretrial stage encompasses various elements of the case, including scheduling, discovery, and non-dispositive pretrial motions. It is also the likely phase for the parties to consider settlement options. Although it remains uncertain whether the SEC or Ripple will pursue a settlement, forthcoming developments in the coming days may shed light on the intentions of both sides.
Judge Torres made a significant ruling last week, declaring XRP not to be a security, which resulted in a substantial surge in the token’s value and the broader cryptocurrency market. While the outcome of the remaining case remains uncertain, the cryptocurrency industry perceives Ripple’s partial victory as a pivotal moment that could lead to much-needed regulatory clarity.