Ripple and SEC May Settle Soon, Court Orders
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The legal battle between Ripple and the US Securities and Exchange Commission (SEC) may be nearing its end. A US judge has ordered both parties to agree on possible dates for a settlement conference.
The order was issued by US Magistrate Judge Sarah Netburn, who will oversee the next phase of the case. She asked Ripple and the SEC to suggest three dates that are convenient for them if they think a settlement is productive at this time.
The suggested dates should be 6–8 weeks in advance, due to the court’s busy schedule. The judge also warned that she would not accept any last-minute requests or delays.
Settlement Talks Come Shortly After Ruling
This order comes shortly after US District Court Judge Analisa Torres ruled that XRP, the cryptocurrency used by Ripple, is not a security. This was a major win for Ripple, as it could clear the way for more regulatory clarity in the crypto industry.
Many observers believe that the SEC may be willing to settle with Ripple after losing this crucial point. However, it is not clear if Ripple will agree to settle or pursue a full victory.
Eleanor Terrett, a journalist from Fox Business, said that the order does not mean a settlement will happen soon. She said it only means that both sides should be ready to schedule a meeting if they want to.
🚨To be clear: Judge Netburn is suggesting that both sides agree on some possible dates for a settlement meeting, *IF* “they believe it to be productive at this time.”
This doesn’t mean we’ll see a settlement in 6-8 weeks. It means that if they do decide on a date, it will have… https://t.co/3bxqCGLyPr
— Eleanor Terrett (@EleanorTerrett) July 17, 2023
She also said that both sides could refuse to meet or fail to agree on anything. She has been following the case closely since it started.
Meanwhile, Fred Rispoli, a lawyer who supports XRP, said that he thinks both sides will schedule a meeting to avoid upsetting the court. He said that this could be a sign of progress in the case.
A Pivotal Moment for Ripple and the Crypto Market
The outcome of this case could have a huge impact on the future of cryptocurrencies. The crypto community is eagerly waiting for more updates on the possible settlement conference and its implications for both Ripple and the wider regulatory landscape.
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