December 2, 2023

U.S. Judge Sarah Netburn has ordered the U.S. Securities and Exchange Commission (SEC) and Ripple to agree on a possible settlement date, provided both parties consider the settlement at this stage to be constructive.

Several members of the XRP community speculated that a settlement would soon be reached, following Judge Netburn’s order.

new settlement order

The order comes shortly after U.S. District Judge Analisa Torres of the Southern District of New York referred the next stage of court proceedings in the Ripple v. SEC lawsuit to Judge Netburn. Court documents filed on July 17 show Judge Nateborn will preside over the general pre-trial. The judge said the parties agreed on a settlement date six to eight weeks in advance, indicating the court’s busy schedule. The judge’s order states that the parties involved in the matter must agree on three mutually convenient dates.

“New: Judge Sarah Netburn orders @Ripple and @SECGov to agree on 3 mutually convenient dates to schedule a settlement meeting,” if they think it will be productive at this time. ” Due to the busy court schedule, it is also recommended to schedule 6-8 weeks in advance.”

The order also said the court would not grant or tolerate any last-minute request for a settlement conference and told the parties not to expect any extension of the litigation deadline.

Do Ripple and the SEC want to settle?

The pretrial phase includes all aspects of matters related to scheduling, discovery, and inconclusive pretrial motions. At this stage, most parties in the case will seek to settle rather than go to trial. While many believe the SEC wants Ripple to settle, the next few days will reveal whether the parties are willing to take the settlement route.

Fox Business correspondent Eleanor Terrett shared her opinion, saying Judge Nate Byrne’s order does not mean a settlement will be reached within the next six to eight weeks, noting that it applies only to parties to arranging a settlement meeting.

“To be clear: Judge Nate Byrne recommended that the parties agree on some possible date for the settlement conference, *if* “they think it will be productive at this point. That doesn’t mean we’re going to settle in 6-8 weeks. This means that if they do decide on a date, it will have to be 6 to 8 weeks earlier than the expected date due to the busy schedule of the courts. “

She added that the parties could also refuse to schedule a settlement meeting or fail to reach an agreement within the allotted time. Terrett has been following Ripple’s lawsuit with the SEC since the case began.

Pro-XRP Attorney Believes Meeting Will Be Scheduled

Pro-XRP lawyer Fred Rispoli says he believes ripple The SEC will schedule a settlement meeting to avoid angering the courts. However, he also said the meeting would end like previous ones, with the two sides failing to reach a mutually acceptable compromise.

“They may arrange one so as not to irritate the court. But it will proceed like the last two previous settlement meetings. The settlement will only happen when both parties finally reach a compromise that is acceptable to both parties.”

One or both parties could also appeal Judge Torres’ summary ruling if the outcome Rispoli sees comes to fruition. In a landmark decision, Judge Torres effectively stated: Ripple Not a security, sparking a massive rally in tokens and the larger cryptocurrency market. While the outcome of the case is still pending, market watchers see Ripple’s partial victory as a pivotal moment that could help enact much-needed regulatory transparency in the U.S. cryptocurrency market.

In response to the ruling, the SEC said at the time that it was still evaluating the order and would determine its next course of action.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.