Judge Sarah Netburn has ordered the US Securities and Exchange Commission (SEC) and Ripple to settle their lawsuit. This decision comes after Judge Torres ruled that XRP sales are not considered securities.
Following Judge Analisa Torres’ summary judgment in the US SEC v. Ripple Labs case, Magistrate Judge Sarah Netburn will preside over the general pretrial. The SEC and Ripple have been ordered to attend a settlement conference, as XRP sales are not deemed securities on crypto exchanges but are considered securities in sales to institutional investors.
Ripple, SEC Case nearing Resolution
In the most recent court filing in the Southern District of New York, Judge Analisa Torres referred the US SEC v. Ripple lawsuit to Magistrate Judge Sarah Netburn for general pretrial and potential settlement discussions.
Judge Netburn has instructed Ripple and the US SEC to find three mutually convenient dates for a settlement conference “if they believe it would be productive at this time.”
Settlement conferences must be scheduled 6-8 weeks in advance due to the Court’s busy calendar, as per Judge Netburn’s instructions.
The Court won’t be able to accommodate last-minute settlement conference requests, and parties should not expect litigation deadlines to be adjourned in response to late requests for settlement conferences, as stated by Judge Netburn.
Charles Gasparino, FOX Business senior journalist, is confident that the US SEC will appeal Judge Torres’ decision, according to his following tweet.
Several people who have been trolled by the XRP cultists say they issue death threats, will make up all sorts of lies etc. Sad and scary stuff. And pointless. It won’t stop @SECGov from appealing the @Ripple case, or the court issuing a fine. Certainly won’t bring XRP back to $3
— Charles Gasparino (@CGasparino) July 17, 2023
Ripple CEO Brad Garlinghouse believes that the US SEC will face a lengthy process if they choose to appeal the court’s decision. He also emphasizes that the ruling regarding institutional sales is just a small part of the overall XRP lawsuit.
There is a belief among some that the US SEC should settle with both Ripple and Coinbase to avoid severe consequences based on precedents set in the XRP lawsuit. A potential settlement could address issues related to institutional sales and other contentious matters.
Rally in sight for XRP?
Following the summary judgment, the XRP price experienced a significant 85% rally, reaching a peak of $0.88. However, it later corrected due to concerns over a potential US SEC appeal and some profit-taking activities.
As of now, XRP price has been relatively stable in the last 24 hours, trading at $0.74. The 24-hour low and high were $0.71 and $0.76, respectively. Additionally, trading volume has decreased by 37% during this period.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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