Following Judge Analisa Torres’ recent decision for summary judgment in U.S. Securities and Exchange Commission (SEC) v. Ripple Labs, the case will be referred Monday to Magistrate Judge Sarah Netburn for a general preliminary investigation. The US SEC and Ripple have been ordered for a settlement conference, as XRP sales are not securities on crypto exchanges, but are considered securities when sold to institutional investors.
Ripple And US SEC Settlement In 6-8 Weeks?
In the latest lawsuit filed in the District Court for the Southern District of New York, Judge Analisa Torres referred the US SEC v. Ripple lawsuit to Magistrate Judge Sarah Netburn for a general preliminary investigation and possible settlement.
Judge Netburn ordered Ripple and US SEC to agree on three mutually convenient dates to schedule a settlement conference “if they feel it would be productive at this point.”
In addition, settlement conferences must be scheduled at least 6-8 weeks in advance because the court has a busy schedule.
“The court is unlikely to be able to grant last-minute requests for settlement conferences, and the parties should not expect litigation times to be extended in response to late requests for settlement conferences.”
Charles Gasparino, senior journalist at FOX Business, remains confident that the US SEC will appeal Judge Torres’ decision. He tweeted:
Several people who have been cheated by the XRP cultists say that they issue death threats, will make up all kinds of lies, etc. Sad and scary things. And pointless. It won’t stop @SECGov appeal to the @Ripple or the court imposing a fine. Definitely won’t bring XRP back to $3
— Charles Gasparino (@CGasparino) July 17, 2023
Meanwhile, Ripple CEO Brad Garlinghouse suggested the US SEC would face a lengthy process to appeal the court’s decision. On the institutional sale side, he claims the ruling itself called it the smallest piece in the XRP lawsuit.
Some believe that the US SEC should settle with both Ripple and Coinbase, as continuing the lawsuits will have drastic consequences based on precedents in the XRP lawsuit. There could be a settlement on things like institutional sales.
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XRP tied to rally
XRP price rose 85% to a high of $0.88 after the interlocutory order, but was corrected after the possible US SEC appeal and some profit taking.
Currently, XRP price is moving sideways in the last 24 hours with the price trading at $0.74. The 24-hour low and high are at $0.71 and $0.76, respectively. In addition, the trading volume has decreased by 37% in the last 24 hours.
Also Read: What’s next for XRP price after a 25% loss in correction?
Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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This post Judge Netburn Orders US SEC And Ripple For Settlement, What Does It Mean For XRP?
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