The court has ordered Ripple and the SEC to negotiate a settlement date
Magistrate Judge Sarah Netburn has been assigned to hear the Ripple v. SEC lawsuit by US District Judge Analisa Torres. The court decided this week that XRP is not a security.
Judge Netburn has proposed that Ripple and the SEC have a settlement meeting if they find it “productive” at this point in the litigation.
U.S. Magistrate Judge Sarah Netburn recently issued an order mandating a settlement meeting between Ripple and the U.S. Securities and Exchange Commission (SEC).
Following Judge Analisa Torres’ referral of the next round of the Ripple vs. SEC legal fight to Judge Netburn, the order was issued.
Judge Netburn, who will now preside over the General Pretrial, reportedly suggested that the parties reach this arrangement 6-8 weeks in advance, citing the court’s hectic schedule in a document submitted on July 17. The judge’s ruling specifies that the parties should choose three dates that work for everyone involved.
During the pretrial part, things like “scheduling, discovery, and non-dispositive pretrial motions” happen. At this point, it’s also conceivable that the parties will try to reach a settlement. Although it has been speculated that the SEC would want Ripple to settle, the next few days may shed light on whether or not either party sees this as a viable option.
A big spike for XRP and the whole cryptocurrency market was launched last week when Judge Torres basically determined the token was not a security.
The crypto sector is hopeful that Ripple’s partial win might lead to the much-needed regulatory clarification, but the remainder of the case’s conclusion is still up in the air.